| | SEPTEMBER 20238Global investment firm KKR is investing another 2,069.5 crore through an affiliate in Reliance Retail Ventures (RRVL), the holding company for Reliance Industries' (RIL's) retail businesses.According to a press release issued on Sept 11, KKR's follow-on investment will result in an additional equity stake of 0.25percent in RRVL, bringing the private equity firm's holding to 1.42percent.This round of fundraising has increased the valuation of RRVL to around 8.36 lakh crore, up from 8.28 lakh crore when Qatar Investment Authority invested 8,278 crore less than three weeks ago.According to RIL, this places Reliance Retail Ventures among the top four companies in the country in terms of equity value.The stake sale is critical because RRVL's IPO size will be too large for current liquidity to absorb at the current valuation.Mukesh Ambani, chairman and managing director of Reliance Industries, stated at the company's recent annual general meeting that several global investors were interested in the conglomerate's retail business.KKR's latest investment is primarily from its Asian Fund IV. KKR invested Rs 5,550 crore in Reliance Retail Ventures in 2020. RRVL raised Rs 47,265 crore from various global investors at a valuation of Rs 4.21 lakh crore at the time. Tata Steel Limited shareholders re-appointed TV Narendran as global Managing Director and Chief Executive Officer (CEO) for the next five years on Sept 11, according to an exchange filing.According to the company, Narendran received 99.47percent of total shareholder votes in his favour during the meeting to approve the decision to re-appoint him for the next five years.The company stated earlier this month, "The Board considered and unanimously approved the re-appointment of TV Narendran as the Chief Executive Officer and Managing Director of the Company for a further period of five years effective September 19, 2023 through September 18, 2028, not liable to retire by rotation."Narendran, as CEO and MD of Tata Steel, is in charge of the company's organic and inorganic growth. Narendran will continue to serve on the Board of Tata Steel Limited, as Chairman of Tata Steel Europe and Tata Steel Long Products Ltd., and as Chairman of the Board of Governors of XLRI Jamshedpur following the approval.Narendran will also continue to serve as Chairman of Tata Steel Europe, as well as as a member of the Supervisory Boards of Tata Steel Nederland BV, Tata Steel Long Products Limited, and Neelachal Ispat Nigam Limited. KKR INVESTS RS.2,000 CRORE IN RELIANCE RETAIL POST QIA INVESTMENTTV NARENDRAN VOTED AS MD AND CEO OF TATA STEELIN FOCUSIN FOCUS
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