Global investment firm KKR & Co is to make an additional investment of $249.19m in Indian billionaire Mukesh Ambani’s rapidly expanding retail operation Reliance Retail Ventures, according to a report by Bloomberg.
The report cites and exchange filing made on Monday as revealing that the follow-on investment takes KKR’s total equity stake in the Mumbai-based business to 1.42% on a fully-diluted basis. Following its initial INR55.50bn in the Mumbai-based business in 2020.
KKR isn’t the only global investor to build a stake in Retail Reliance with the Qatar Investment Authority last month investing NIR82.78bn to acquire a 0.99% holding.
KKR’s investment values Reliance Retail Ventures at a pre-money equity value of INR8.3tn, according to a statement by the company, compared with a previous fund-raise value of INR4.21tn in 202.
