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.
'O'
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The lowdown
Badla
Rating: 2.5/5
Produced by: Red Chillies, Azure Entertainment
Director: Sujoy Ghosh
Cast: Amitabh Bachchan, Taapsee Pannu, Amrita Singh, Tony Luke
RACE CARD
6.30pm: Handicap (TB) $68,000 (Dirt) 1,600m
7.05pm: Meydan Sprint – Group 2 (TB) $163,000 (Turf) 1,000m
7.40pm: Curlin Stakes – Listed Handicap (TB) $88,000 (D) 2,200m
8.15pm: UAE Oaks – Group 3 (TB) $125,000 (D) 1,900m
8.50pm: Zabeel Mile – Group 2 (TB) $163,000 (T) 1,600m
9.25pm: Balanchine – Group 2 (TB) $163,000 (T) 1,800m
10pm: Al Shindagha Sprint – Group 3 (TB) $130,000 (D) 1,200m
Bugatti Chiron Super Sport - the specs:
Engine: 8.0-litre quad-turbo W16
Transmission: 7-speed DSG auto
Power: 1,600hp
Torque: 1,600Nm
0-100kph in 2.4seconds
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Top speed: 440kph
Price: Dh13,200,000
Bugatti Chiron Pur Sport - the specs:
Engine: 8.0-litre quad-turbo W16
Transmission: 7-speed DSG auto
Power: 1,500hp
Torque: 1,600Nm
0-100kph in 2.3 seconds
0-200kph in 5.5 seconds
0-300kph in 11.8 seconds
Top speed: 350kph
Price: Dh13,600,000
Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
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How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Credits
Produced by: Colour Yellow Productions and Eros Now
Director: Mudassar Aziz
Cast: Sonakshi Sinha, Jimmy Sheirgill, Jassi Gill, Piyush Mishra, Diana Penty, Aparshakti Khurrana
Star rating: 2.5/5
More from Rashmee Roshan Lall
What is Reform?
Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.
It was founded in 2018 and originally called the Brexit Party.
Many of its members previously belonged to UKIP or the mainstream Conservatives.
After Brexit took place, the party focused on the reformation of British democracy.
Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.
The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
500 People from Gaza enter France
115 Special programme for artists
25 Evacuation of injured and sick
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