Global investment firm KKR has invested Rs20.69bn ($250m) into Reliance Retail Ventures Limited (RRVL), a subsidiary of Indian retail conglomerate Reliance Industries.

Made through a KKR affiliate, the investment values RRVL at $100bn and increases KKR’s equity stake in RRVL from 1.17% to 1.42%.

Through its subsidiaries and associates, RRVL operates an integrated omnichannel network of more than 18,500 stores and digital commerce platforms across grocery, consumer electronics, fashion, lifestyle and pharma sectors.

For the year ended 31 March 2023, the business reported a consolidated turnover of Rs2603.6bn ($31.7bn) and a net profit of Rs91.81bn ($1.1bn).

The follow-on investment comes after KKR invested Rs55.5bn ($755.09m) in RRVL in 2020.

The investment comes primarily from the company’s Asian Fund IV. It is subject to regulatory and other customary approvals.

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Morgan Stanley acted as financial advisor for RRVL during the transaction while Cyril Amarchand Mangaldas and Davis Polk & Wardwell served as legal counsels.

Reliance Retail Ventures Limited director Isha Mukesh Ambani said: “We are pleased to receive continued support from KKR as an investor in Reliance Retail Ventures Limited. 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.

“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.”

Last month, Qatar Investment Authority injected Rs82.78bn ($1bn) into RRVL, marking a significant move in Asia’s retail battleground.