Global private equity firm KKR has raised its stake in India's Reliance Retail Ventures Limited by investing 20.69 billion rupees ($250 million) to give RRVL a valuation of $100 billion, making it one of the top four companies by equity value in Asia’s third-largest economy.
KKR’s follow-on investment translates into an additional equity stake of 0.25 per cent in RRVL on a fully-diluted basis, taking its total equity stake in the Indian company to 1.42 per cent, the retailer said on Monday.
RRVL, India's largest and most profitable retail business, is a subsidiary of Reliance Industries, a Mumbai-based conglomerate controlled by billionaire chairman Mukesh Ambani, Asia's richest man.
RRVL's previous funding round of 472.65 billion rupees – led by various global investors, including KKR, the Saudi Public Investment Fund, General Atlantic and Abu Dhabi’s sovereign wealth fund Mubadala – was completed at a pre-money equity value of 4.2 trillion rupees in 2020.
That year, KKR had invested 55.5 billion rupees ($669.65 million) in Reliance Retail, Reuters reported.
“We highly value our deepening partnership with KKR, and their latest investment in RRVL after their previous investment further reinforces their strong belief in RRVL’s vision and capabilities,” said RRVL director Isha Ambani.
“We look forward to continued engagement with KKR and to benefit from their global platform, industry knowledge and operational expertise, in our journey towards driving transformation of the Indian retail sector.”
RRVL, through its subsidiaries and associates, serves 267 million customers. It has a network of more than 18,500 stores and digital commerce platforms across grocery, consumer electronics, fashion and lifestyle, and pharma consumption baskets.
The company competes with Amazon and Walmart’s Flipkart in India.
Qatar Investment Authority, the Gulf state’s sovereign wealth fund, said last month that it would invest 82.78 billion rupees in RRVL through a wholly owned subsidiary.
QIA’s investment will translate into a minority equity stake of 0.99 per cent in RRVL.
“Throughout our investment period in Reliance Retail, we have been impressed by the company’s vision and extensive work to empower retailers across India through digitalisation, as well as by its resilience and performance in spite of the pandemic and other disruptions,” KKR's co-chief executive Joe Bae said.
KKR’s investment comes primarily from its Asian Fund IV. The transaction is subject to regulatory approvals, Reliance said.
KKR's latest investment in RRVL after their previous investment further reinforces their strong belief in RRVL’s vision and capabilities
Isha Ambani,
director of Reliance Retail Ventures
New York-based financial services company Morgan Stanley acted as financial adviser to RRVL.
Reliance’s retail arm posted a net profit of 24.48 billion rupees in the last quarter, up by about 18.8 per cent, while revenue from operations surged to 621.6 billion rupees, from 515.8 billion rupees a year ago.
Reliance is looking to grow its market share by consolidating the country's fragmented retail sector, offering to digitalise operations of small and unorganised merchants and to partner with global and domestic chains.
Reliance Industries’ total net profit attributable to the owners of the company in the three months ending in June dropped to 160.1 billion rupees, from 179.5 billion rupees in the same period a year earlier.
Mr Ambani, 66, India richest man, announced the decision to appoint his sons Akash and Anant and daughter Isha to the board of the $200 billion conglomerate at Reliance’s annual general meeting last month.
His wife Nita is stepping down from the board. Mr Ambani will remain chairman and managing director of the company for five more years.
The Indian tycoon announced that he expects Reliance’s value to double by 2027, as it continues to focus on an aggressive 5G strategy while expanding its green energy portfolio and making forays in the insurance sector.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
The specs: Audi e-tron
Price, base: From Dh325,000 (estimate)
Engine: Twin electric motors and 95kWh battery pack
Transmission: Single-speed auto
Power: 408hp
Torque: 664Nm
Range: 400 kilometres
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Top investing tips for UAE residents in 2021
Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.
Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.
Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.
Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.
Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.
Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.
Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”
Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Haircare resolutions 2021
From Beirut and Amman to London and now Dubai, hairstylist George Massoud has seen the same mistakes made by customers all over the world. In the chair or at-home hair care, here are the resolutions he wishes his customers would make for the year ahead.
1. 'I will seek consultation from professionals'
You may know what you want, but are you sure it’s going to suit you? Haircare professionals can tell you what will work best with your skin tone, hair texture and lifestyle.
2. 'I will tell my hairdresser when I’m not happy'
Massoud says it’s better to offer constructive criticism to work on in the future. Your hairdresser will learn, and you may discover how to communicate exactly what you want more effectively the next time.
3. ‘I will treat my hair better out of the chair’
Damage control is a big part of most hairstylists’ work right now, but it can be avoided. Steer clear of over-colouring at home, try and pursue one hair brand at a time and never, ever use a straightener on still drying hair, pleads Massoud.
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