Reliance Industries Reportedly in Advanced Talks With KKR For Stake Sale, After Silver Lake Picks Up 1.75% Stake in Reliance Retail
KKR & Co. is in advanced talks to invest at least $1 billion in the retail business of Reliance Industries, according to a Bloomberg report. This could be another big investment in the unit following Silver Lake Partners’ deal.
Mumbai, September 9: KKR & Co. is in advanced talks to invest at least $1 billion in the retail business of Reliance Industries, according to a Bloomberg report. This could be another big investment in the unit following Silver Lake Partners’ deal.
There has been no official confirmation on the same and according to sources cited in the report, it is at the negotiation stage. Representatives for KKR and Reliance didn't comment on the matter. Reliance Retail Ventures Sells 1.75% Stake to Silver Lake for Rs 7,500 Crore.
Earlier in the day Reliance Industries announced that Silver Lake Partners has picked up 1.75 per cent stake Reliance Retail Ventures (RRVL) for Rs 7,500 crore. It marks second billion-dollar investment by Silver Lake in a Reliance Industries subsidiary after the $1.35 billion investment in Jio Platforms announced earlier this year.
Mukesh Ambani's success in luring investors has also led to an increase in his personal wealth. He has added about $22 billion to his net worth this year, which has made him the world's 7th richest man, according to the Bloomberg Billionaires Index.
Reliance Retail reported a net profit of Rs 431 crore for the June quarter despite 50 per cent of its stores being fully shut, 29 per cent partially operated due to the countrywide lockdown.
(The above story first appeared on LatestLY on Sep 09, 2020 11:51 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).