KKR Makes Follow-On Investment in Reliance Retail
09.18.23
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Simpson Thacher is representing KKR in connection with its ₹ 2,069.50 crore (~$250m) follow-on investment into Reliance Retail Ventures Limited (“RRVL”), a subsidiary of Reliance Industries. This investment values RRVL at a pre-money equity value of ₹ 8.361 lakh crore (~$100b), which makes it among the top four companies by equity value in India. The Firm also represented KKR in its original investment of ₹ 5,550 crore (~$750m at that time) into RRVL in 2020.
RRVL, through its subsidiaries and associates, operates India's largest, fastest growing, and most profitable retail business serving 267 million loyalty customers with an integrated omni-channel network of over 18,500 stores and digital commerce platforms across grocery, consumer electronics, fashion & lifestyle, and pharma consumption baskets.
KKR’s investment comes primarily from its Asian Fund IV. The transaction is subject to regulatory and other customary approvals.
The Simpson Thacher team included Ian Ho and Shirley Foo (M&A); and Étienne Renaudeau and Pauline Patat (Antitrust).