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.
Euro 2020
Group A: Italy, Switzerland, Wales, Turkey
Group B: Belgium, Russia, Denmark, Finland
Group C: Netherlands, Ukraine, Austria,
Georgia/Kosovo/Belarus/North Macedonia
Group D: England, Croatia, Czech Republic,
Scotland/Israel/Norway/Serbia
Group E: Spain, Poland, Sweden,
N.Ireland/Bosnia/Slovakia/Ireland
Group F: Germany, France, Portugal,
Iceland/Romania/Bulgaria/Hungary
Sreesanth's India bowling career
Tests 27, Wickets 87, Average 37.59, Best 5-40
ODIs 53, Wickets 75, Average 33.44, Best 6-55
T20Is 10, Wickets 7, Average 41.14, Best 2-12
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
The Africa Institute 101
Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction.
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
MATCH INFO
Barcelona 2
Suarez (10'), Messi (52')
Real Madrid 2
Ronaldo (14'), Bale (72')
More from Neighbourhood Watch:
The bio
Favourite book: The Alchemist by Paulo Coelho
Favourite travel destination: Maldives and south of France
Favourite pastime: Family and friends, meditation, discovering new cuisines
Favourite Movie: Joker (2019). I didn’t like it while I was watching it but then afterwards I loved it. I loved the psychology behind it.
Favourite Author: My father for sure
Favourite Artist: Damien Hurst
Mohammed bin Zayed Majlis
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
UAE%20ILT20
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Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
