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)
Copyright (c) 2023 Dow Jones & Company, Inc.-
What’s the Difference Between the CPI and PCE Indexes?
-
Micron Earnings: Great Guidance but Stock Now Looks Fairly Valued
-
August PCE Report Forecasts Show More Good News on Inflation
-
AI Stocks May Be Down, but Don’t Count Them Out
-
4 Stocks to Buy as the Fed Cuts Interest Rates
-
Markets Brief: The Uncertain Path to Neutral Interest Rates
-
What’s Happening in the Markets This Week
-
Where Top Stock Fund Managers Are Looking Next After the Fed Rate Cut
-
Our Top Pick for Investing in US Renewable Energy
-
How to Measure a Stock’s Uncertainty
-
How to Determine Whether a Stock Is Cheap, Expensive, or Fairly Valued
-
Why a Company’s Management and Capital Allocation Matter
-
How to Determine What a Stock Is Worth
-
How to Measure a Company’s Competitive Advantage
-
How to Think Like a Stock Analyst
-
How GLP-1 Drugs Like Ozempic Are Boosting Biopharma Stocks