Five former Memphis police officers have been charged with federal civil rights violations in the beating death of Tyre Nichols
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Tuesday, 12 September 2023
Monday, 11 September 2023
South Dakota panel denies application for CO2 pipeline; Summit to refile for permit
'Stop Cop City' petition campaign in limbo as Atlanta officials refuse to process signatures
US Firm KKR Invests $250 Million In Reliance Retail
US Investment firm KKR & Co Inc has increased its stake in billionaire Mukesh Ambani's Reliance Retail Ventures by investing an additional $250 million at a valuation of $100 billion, adding to its bet on the country's biggest retailer.
The private equity firm's follow-on investment translates into an additional equity stake of 0.25 percent in Reliance Retail on a fully-diluted basis, taking KKR's total equity stake in the Indian company to 1.42 percent, the retailer said on Monday.
The investment marks growing interest in Mukesh Ambani's retail operations which stretch from groceries to electronics, and include foreign partnerships with brands such as Jimmy Choo, Marks & Spencer and Pret A Manger. It has more than 18,000 stores and also competes with Amazon and Walmart's Flipkart.
In 2020, Reliance Retail raised $5.71 billion by selling a 10.09 percent stake to investors including KKR, the Saudi Public Investment Fund, General Atlantic and the United Arab Emirates' Mubadala.
That year, KKR had invested 55.5 billion rupees ($669.65 million) in Reliance Retail. Ambani recently said the 2020 fundraising valued the business at around $52 billion, and "in less than three years, the valuation of retail has almost doubled."
KKR's latest investment comes primarily from its Asian Fund IV and the transaction is subject to regulatory approvals, Reliance said. Morgan Stanley acted as financial adviser to Reliance Retail.
Reuters exclusively reported this month Reliance was in advanced talks with global investors to raise around $2.5 billion by the end of September, ahead of a potential stock market listing. Mr Ambani said in 2019 that the group planned to list the retail business in five years.
The plan is part of a combined $3.5 billion target the firm set for itself, of which it raised $1 billion from Qatar Investment Authority (QIA) at a $100 billion valuation last month.
Reliance Retail reported a consolidated net profit of 91.81 billion rupees ($1.11 billion) for the financial year that ended in March 2023, on revenue of 2.6 trillion rupees.
Since last year, Reliance has been acquiring dozens of small grocery and non-food brands as it tries to build a consumer business with annual sales of $6 billion within five years to challenge foreign giants like Unilever.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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Sandeep Bakhshi Reappointment As ICICI Bank's CEO For 3 years
Private sector ICICI Bank on Monday said the RBI has approved the reappointment of Sandeep Bakhshi as Managing Director and CEO of the private lender for three years.
The reappointment of Sandeep Bakhshi will be effective from October 4, 2023, till October 3, 2026, ICICI Bank said in a regulatory filing.
The bank's shareholders have already approved the appointment of Mr Bakhshi for three more years, it added.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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Sunday, 10 September 2023
Novak Djokovic wins the US Open for his 24th Grand Slam title by beating Daniil Medvedev
Country singer-songwriter Charlie Robison dies in Texas at age 59
Michigan State suspends football coach Mel Tucker pending results of investigation into allegations of sexual harassment
Tribute paid to Kansas high school football photographer who died after accidental hit on sidelines
California school district to pay $2.25M to settle suit involving teacher who had student's baby
Overdose-reversing drug administered to puppy after possible fentanyl exposure in California
Federal railroad inspectors find alarming number of defects on Union Pacific this summer
Saturday, 9 September 2023
Kamala Harris says hip-hop is 'the ultimate American art form' as she hosts a 50th anniversary party
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