KKR to Invest $754.9 Million in Reliance Industries' Retail Unit
September 22 2020 - 11:56PM
Dow Jones News
By Kosaku Narioka
Reliance Industries Ltd. said Wednesday that U.S. private-equity
company KKR & Co. would invest INR55.50 billion Indian rupees
($754.9 million) in its retail unit.
The Indian energy and retail conglomerate said KKR's investment
would represent a 1.3% stake in Reliance Retail Ventures Ltd.
Earlier this month, Reliance Industries said that U.S. private
equity firm Silver Lake would invest $1.02 billion in the retail
unit.
Reliance Industries said the retail business has started a
digitalization of small and unorganised merchants and is committed
to expanding the network to over 20 million of these merchants.
KKR's planned stake purchase in its retail unit is the U.S.
private-equity company's second investment in a Reliance unit
following KKR's INR113.67 billion investment in its digital
services business Jio Platforms Ltd.
Morgan Stanley acted as financial adviser to its retail unit and
Deloitte Touche Tohmatsu India LLP acted as financial advisor to
KKR, Reliance Industries said.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
September 22, 2020 23:41 ET (03:41 GMT)
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