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NEW DELHI, Sept 11 (Reuters) – Indian billionaire Mukesh Ambani’s Reliance Retail Ventures on Monday said it has raised 20.69 billion rupees ($250 million) from KKR & Co Inc (KKR.N) at a valuation of $100 billion.
The private equity firm’s follow-on investment translates into an additional equity stake of 0.25% in Reliance Retail on a fully-diluted basis, taking KKR’s total equity stake in the Indian company to 1.42%.
Reuters exclusively reported this month Reliance was in advanced talks with global investors to raise around $2.5 billion by the end of September, ahead of a potential stock market listing. Ambani said in 2019 that the group planned to list the retail business in five years.
The plan was part of a combined $3.5 billion target the firm set for itself, of which it raised $1 billion from Qatar Investment Authority (QIA) at a $100 billion valuation last month.
Reliance Retail is India’s biggest retailer whose operations stretch from selling groceries to electronics, and include foreign partnerships with brands, such as Jimmy Choo, Marks & Spencer and Pret A Manger.
Reporting by Aditya Kalra; Editing by Toby Chopra and Tomasz Janowski
Our Standards: The Thomson Reuters Trust Principles.
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