Asia Press Agency

Tag: KKR

  • Kolkata Knight Riders Sign Phil Salt as Replacement for Jason Roy

    Kolkata Knight Riders Sign Phil Salt as Replacement for Jason Roy

    Kolkata Knight Riders (KKR) have made a significant move ahead of the Indian Premier League (IPL) 2024 season by roping in English wicketkeeper-batsman Phil Salt as the replacement for Jason Roy. The decision comes after Jason Roy withdrew from the tournament citing personal reasons, leaving a void in KKR’s squad. In an official statement released by the IPL, it was confirmed that Salt would be joining KKR for his second IPL stint after representing the Delhi Capitals (DC) in the previous edition.

     

    The IPL statement highlighted that Jason Roy’s withdrawal was due to personal reasons, paving the way for Phil Salt’s inclusion in the KKR squad. Salt, known for his aggressive batting style and versatility as a wicketkeeper, brings valuable experience to the team. Despite going unsold in the IPL auction, Salt’s impressive performances in international cricket, including two consecutive T20I centuries against the West Indies in December last year, made him an attractive prospect for KKR.

     

    Salt’s 48-ball century in the 4th T20I against the West Indies is not only a testament to his batting prowess but also showcases his ability to score quickly, which is crucial in the fast-paced format of T20 cricket. KKR secured Salt’s services for his reserve price of INR 1.5 crore, making him an economical yet impactful addition to the squad.

     

    Having represented the Delhi Capitals in the previous IPL season, Salt showcased his talent with the bat, participating in nine matches and amassing a total of 218 runs at an impressive strike rate of 163.91. His ability to score runs quickly at the top of the order makes him a valuable asset for any T20 franchise, and KKR will be hoping that he can replicate his past performances in the upcoming season.

     

    With Salt’s inclusion, KKR’s squad for IPL 2024 looks formidable, boasting a mix of star overseas players and talented Indian cricketers. Players like Rahmanullah Gurbaz, Andre Russell, Sunil Narine, and Mitchell Starc provide the team with experience and firepower, while the Indian core comprising Nitish Rana, Shreyas Iyer, Rinku Singh, Venkatesh Iyer, and Varun Chakravarthy adds stability and depth to the squad.

     

    Despite a disappointing performance in the previous season, where they finished seventh with six wins and eight losses, KKR will be aiming to bounce back strongly in IPL 2024. With a revamped squad and a renewed sense of determination, they will be looking to secure a playoff spot and challenge for the title.

     

    The addition of Phil Salt adds further depth to KKR’s batting lineup and provides them with more options at the top of the order. His aggressive style of play complements the team’s playing style, and he is expected to make a significant contribution with the bat throughout the tournament.

     

    Phil Salt’s inclusion in the KKR squad for IPL 2024 is a significant boost for the team, especially after the departure of Jason Roy. With his explosive batting and wicketkeeping skills, Salt has the potential to make a big impact and help KKR achieve success in the upcoming season.

  • KKR Invests ₹2,069.50 Crore in Reliance Retail

    KKR Invests ₹2,069.50 Crore in Reliance Retail

    KKR, a global investment firm, has announced an investment of ₹2,069.50 crore into Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Limited. This investment values RRVL at a pre-money equity value of ₹8.361 lakh crore, making it one of the top four companies in India by equity value.

     

    KKR’s follow-on investment will result in an additional equity stake of 0.25% in RRVL on a fully-diluted basis. When combined with its previous investment of ₹5,550 crore in RRVL in 2020, KKR’s total equity stake in RRVL will reach 1.42% on a fully-diluted basis. RRVL had previously raised ₹47,265 crore from various global investors in 2020 at a pre-money equity value of ₹4.21 lakh crore.

     

    Reliance Retail Ventures Limited, along with its subsidiaries and associates, operates India’s largest, fastest-growing, and most profitable retail business. It serves 267 million loyalty customers through an integrated omni-channel network of over 18,500 stores and digital commerce platforms. RRVL’s business spans across various categories, including grocery, consumer electronics, fashion & lifestyle, and pharmaceuticals.

     

    RRVL’s vision is to revitalize the Indian retail sector through an inclusive strategy. It aims to serve millions of customers, empower micro, small, and medium enterprises (MSMEs), and collaborate with global and domestic companies as a preferred partner. The goal is to deliver significant benefits to Indian society while generating employment opportunities for millions of Indians. RRVL’s New Commerce business has digitized over 3 million small and unorganized merchants, enabling them to leverage technology tools and efficient supply chain infrastructure.

     

    Isha Mukesh Ambani, Director of Reliance Retail Ventures Limited, expressed appreciation for KKR’s continued support and strong belief in RRVL’s vision and capabilities. She highlighted the importance of the partnership with KKR in driving the transformation of the Indian retail sector.

     

    Joe Bae, Co-CEO of KKR, praised RRVL’s vision, digitalization efforts, resilience, and performance, especially in challenging times like the pandemic. He emphasized KKR’s commitment to supporting RRVL’s mission to build a more inclusive Indian retail economy.

     

    Gaurav Trehan, Head of Asia Pacific Private Equity and Head of India at KKR, acknowledged Reliance Retail as a corporate leader and innovator in India, with the potential to transform the country’s retail industry through digitalization.

     

    KKR’s investment primarily comes from its Asian Fund IV. The transaction is subject to regulatory and customary approvals.

     

    Morgan Stanley acted as the financial advisor to Reliance Retail Ventures Limited, while Cyril Amarchand Mangaldas and Davis Polk & Wardwell provided legal counsel for the transaction.