Click here to join our channel and stay updated with the latest Biz news and updates. The advantage for Ambani could also carry over to higher-margin items, the same way as Costco Wholesale Corp.’s popular $4.99 rotisserie chicken helps the American retailer sell a little more of everything from apparel to flat-screen TVs. Reliance Chairman Mukesh Ambani Said to Have Put SoftBank on Waiting List for Retail Stake Reliance plans to sell about a 10 percent stake in Reliance Retail to financial investors. But when Ambani requested Modi last year to end “data colonization” by global corporations, it became clear that a shift was coming. Earlier this year, KKR invested Rs 11,367 crore in the RIL’s digital arm Jio Platforms. New York-based investment group KKR & Co. will spend $750 million (55 billion rupees) in Reliance Retail Ventures Ltd., as India business owner Mukesh Ambani boosts an investment run that has raked in more than $20 billion for his technology business this year. The tycoon wants a repeat performance for another $2 business in his stable: retail. However, this is the second investment by KKR in a subsidiary of Reliance Industries. As a premium subscriber you get an across device unfettered access to a range of services which include: Welcome to the premium services of Business Standard brought to you courtesy FIS. To get into bed with Facebook, Google, and possibly even Amazon at the same time takes some chutzpah, though. To see how the excitement is rising once again over a princely $2, consider Reliance’s 30 million square feet of retail space. With U.S.-China relations deteriorating — most recently over the erosion of Hong Kong’s autonomy — both need an alternative. © 2020 Business Times All rights reserved.
And with that, he unlocked the gates to a $57 billion enterprise. 2020The Indian Express [P] Ltd. All Rights Reserved. Reliance Retail Limited, a subsidiary of RRVL, operates India’s fastest-growing and most profitable retail business serving close to 640 million footfalls across India. We believe in free, fair and credible journalism. RIL share price hits fresh record high today, stock rallies 57% so far this year; should you buy? ALSO READ: Reliance Industries hits record high; m-cap crosses Rs 15 trillion mark. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance. It’s unclear if Jeff Bezos will bite. ALSO READ: Reliance to offer $20-bn stake in retail business to Amazon: Report. mukesh has 1 job listed on their profile. The deal is the second investment by KKR in a Reliance subsidiary. Covid-19 has been a shot in the arm for Reliance, despite retail Ebitda of only $145 million in the June quarter, a 47% drop from last year. Reliance has been on a share-selling run during the continuing international health crisis.

"It empowers merchants of all sizes and fundamentally transforms the retail experience for India consumers," he was quoted as saying by stock-market-news service Benzinga. According to KKR joint chief executive officer Henry Kravis, it is happy to deepen ties with Reliance through its partnership in Reliance Retail Ventures. The group's Jio platform unloaded a 33% stake to Facebook Inc., Intel Corp and Alphabet for $20 billion earlier this year. Check Credit Suisse, JP Morgan, CLSA ratings, Copyright © While Deloitte Touche Tohmatsu India LLP acted as financial advisor to KKR. Ambani also added saying that KKRhas a proven track record of being a valuable partner to industry-leading franchises and has been committed to India for many years. Excluding his $38 billion divorce settlement, Bezos hasn’t done a transaction as large as this.

Another Jio investor, KKR & Co., is also probably coming on board. Support quality journalism and subscribe to Business Standard.
Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. This is the second investment by KKR in a subsidiary of Reliance Industries, following a He has offered a 40% stake in Reliance Retail Ventures Ltd. to Amazon, Bloomberg News reported Thursday. Amazon India, in which he has already committed billions of dollars, competes with Reliance Retail’s physical stores — as well as with Ambani’s version of “phy-gital” retail.

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