Reliance Industries To Sell 1.28% Stake In Retail Arm To US-Based KKR For Rs. 5,550 Crore

Wednesday, 23 September 2020Newsdesk

Billionaire Mukesh Ambani-led Reliance Industries said on Wednesday that the US-based investment firm KKR will buy a 1.28 per cent stake in its retail arm, Reliance Retail Ventures, for Rs. 5,550 crore. The transaction gave Reliance Retail an equity value of Rs. 4.21 lakh crore, Reliance Industries said in a regulatory filing before market hours on Wednesday.

New Delhi, 23 September 2020

As per news report of NDTV, the deal is likely to bolster oil-to-telecom conglomerate Reliance Industries' retail presence in the domestic market. KKR will make its investment from its Asia private equity funds, and the transaction is subject to regulatory and other customary approvals, Reliance Industries said.

Source -NDTV