The investment bandwagon continues to roll for India’s Reliance Industries Ltd (RIL), which has bagged a $755 million deal from a US-based private equity firm.
RIL announced on Wednesday that KKR will make an investment in the retail arm of the company, buying a 1.28 percent stake.
“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 benefit of all Indians. KKR has a proven track record of being a valuable partner to industry-leading franchises and has been committed to India for many years," said Mukesh Ambani, chairman and managing director of Reliance Industries.
"We look forward to working with KKR’s global platform, industry knowledge and operational expertise across our digital services and retail businesses," Ambani added.
This is the second deal that RIL has bagged in its retail business in the last two weeks.
Before this, private equity major Silver Lake Partners made an investment of $1 billion in Reliance Retail for a 1.75% stake.
RIL has been on a fund-raising binge since this April by selling stakes in its digital arm, Jio Platform, to global tech majors such as Facebook, Google and other investors.
The company also raised funds via a rights issue, which essentially entailed selling shares to existing shareholders at a discount to raise funds. The exercise is aimed at making the company net debt free, which has been achieved.