New Delhi: Indian billionaire Mukesh Ambani’s Reliance Retail Ventures on Monday said it has raised Rs20.69 billion ($250 million) from KKR & Co Inc at a valuation of $100 billion.
The private equity firm’s follow-on investment translates into an additional equity stake of 0.25 per cent in Reliance Retail on a fully-diluted basis, taking KKR’s total equity stake in the Indian company to 1.42 per cent.
Reuters exclusively reported this month Reliance was in advanced talks with global investors to raise around $2.5 billion by the end of September, ahead of a potential stock market listing. Ambani said in 2019 that the group planned to list the retail business in five years.
The plan was part of a combined $3.5 billion target the firm set for itself, of which it raised $1 billion from Qatar Investment Authority (QIA) at a $100 billion valuation last month.
Reliance Retail is India’s biggest retailer whose operations stretch from selling groceries to electronics, and include foreign partnerships with brands, such as Jimmy Choo, Marks & Spencer and Pret A Manger.
