KKR to Invest Another $250 Million in Reliance Industries Retail Unit

By P.R. Venkat

Private equity firm KKR plans to invest an additional 20.70 billion Indian rupees ($250 million) to boost its stake in the retail unit of the conglomerate Reliance Industries.

The investment would KKR's equity stake in the company to 0.25% on a fully diluted basis, Reliance said in a statement late on Monday. With the latest investment, KKR's stake in Reliance Retail will increase to 1.42%, the company said.

KKR had made its first investment in Reliance Retail in 2020 when the company raised INR472.65 billion from various global investors, which included the state-owned Abu Dhabi Investment Authority, and U.S. private-equity firms Silver Lake, General Atlantic and TPG.

Reliance Retail operates India's largest and fastest-growing retail business, with over 18,500 stores. For the fiscal year that ended in March, the company reported $31.7 billion in revenue and a net profit of $1.1 billion.

Write to P.R. Venkat at venkat.pr@wsj.com

(END) Dow Jones Newswires

September 11, 2023 18:54 ET (22:54 GMT)

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