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KKR will make its investment from its Asia private equity funds, and the transaction is subject to regulatory and other customary approvals, Reliance Industries said.
This marks the second investment by KKR in a subsidiary of Reliance Industries, following a Rs 11,367 crore investment in Jio Platforms announced earlier this year.
KKR follows the US-based private equity firm Silver Lake, which agreed to take a 1.75 per cent stake in Reliance Retail Ventures for Rs 7,500 crore earlier this month. Global investors including internet giants Facebook and Google are bullish on the Reliance Industries group businesses.
A subsidiary of Reliance Industries, Reliance Retail Ventures is the holding company of all retail businesses under the conglomerate.
“I am pleased to welcome KKR as an investor in Reliance Retail Ventures as we continue our onward march to growing and transforming the Indian Retail ecosystem for the benefit of all Indians," said Mukesh Ambani, chairman and managing director, Reliance Industries.
"KKR has a proven track record of being a valuable partner to industry-leading franchises and has been committed to India for many years,” he said.
Reliance Industries has attracted a series of investments this year, which have helped the group become net debt-free much ahead of its goal of March 2021.
Reliance Industries has been aggressively expanding its footprints in the domestic retail sector as it looks to attract potential investors over the next few quarters.
Last month, Reliance Industries purchased the retail, wholesale, logistics and warehousing businesses of Future Group for Rs 24,713 crore.
In May, it launched JioMart, an online grocery service, in a move aimed at rivalling Amazon's local unit and Walmart's Flipkart in the huge market.