Reliance Industries announced on Wednesday that US-based firm KKR will buy 1.28% equity stake in its retail arm, Reliance Retail, for Rs 5,550 crore. This investment gives Reliance Retail an equity value of Rs 4.21 lakh crore, the oil-telecom conglomerate said in a regulatory filing.
This is KKR’s second investment in Reliance Industries subsidiary. The US-based firm had bought 2.32% stake in Jio Platforms for Rs 11,367 crore in May. Earlier, private equity company Silver Lake Partners also said that it will buy 1.75% stake in Reliance Retail for Rs 7,500 crore.
After the announcement, Reliance Industries shares rose about 3%, opening at Rs 2,275 and touched an intra-day high of Rs 2,276.50 on the BSE.
“I am pleased to welcome KKR as an investor in Reliance Retail Ventures as we continue our onward march to growing and transforming the Indian retail ecosystem for the…