After attracting an array of investors to Reliance Jio, now Mukesh Ambani-led Reliance Group is talking with investors to raise funds for its retail business as well. After Silver Lake, Reliance Retail is now in talks with KKR & Co, stated Bloomberg report.
The US-based investment company, KKR & Co. is expected to invest around USD 1 billion in Reliance Retail. According to Business Standard, Reliance is in talks with Facebook as well for its retail business. This looks like Reliance Group is going back to the same investors who have picked stakes in Reliance Jio post the COVID-19-induced lockdown period.
In May this year, KKR and Co said it will invest Rs 11,367 crore in RIL’s digital assets subsidiary, Jio Platforms Ltd. This was the single largest investment by the investment company in Asia so far.
Meanwhile, according to RIL statement, US private equity firm Silver Lake Partners has picked up 1.75 per cent stake in the retail arm of Reliance Industries for Rs 7,500 crore.
Reliance Retail is a unit of the energy-to-telecommunications conglomerate Reliance Industries Ltd. It runs supermarkets, consumer electronics chain store, a cash and carry wholesaler, fast-fashion outlets and an online grocery store.
It reported 1.63 trillion rupees in revenue in the year through March 2020. The unit operates almost 12,000 stores in nearly 7,000 towns.