Reliance Retail Ventures Ltd, a subsidiary of Reliance Industries Ltd, on Wednesday announced it had raised ₹5,550 crore from global investment firm KKR in exchange for a 1.28 per cent stake.
This investment values Reliance Retail at a pre-money equity value of ₹4.21 lakh crore.
This marks the second investment by KKR in a subsidiary of Reliance Industries, following an ₹11,367-crore investment in Jio Platforms announced earlier this year.
Reliance Retail Limited, a subsidiary of RRVL, operates India's largest retail business serving close to 640 million footfalls across its 12,000 stores nationwide. Founded in 1976, KKR has $222 billion in assets under management as of June 30, 2020.
KKR is making its investment from its Asia private equity funds. The transaction is subject to regulatory and other customary approvals.
RIL's shares gained nearly 3 per cent in early deals to Rs 2,276.