KKR & Co. Inc. is an investment firm that manages investments across multiple asset classes including private equity, energy, infrastructure, real estate, credit, and hedge funds. It operates businesses across private markets, public markets, capital markets, and principal activities. The document provides details on KKR's investments in India, including major investments in companies like Jio Platforms, Reliance Retail, EuroKids, IndiGrid, and Ramky Enviro Engineers. It also summarizes recent news articles about KKR partnering with Crossover Energy to develop clean energy projects, buying a stake in Vini Cosmetics, competing for brands from United Spirits, and investing in Lenskart and other

1. KKR & Co., Inc.
KKR & Co., Inc. engages in the provision of investment and private equity asset management
services. It manages investments across multiple asset classes includes private equity, energy,
infrastructure, real estate, credit, and hedge funds. The firm operates business through four
business lines: Private Markets, Public Markets, Capital Markets, and Principal Activities.
The Private Markets line manages and sponsors a group of private equity funds that invest
capital for long-term appreciation, either through controlling ownership of a company or
strategic minority positions. The Public Markets line operates combined credit and hedge
funds platforms. The Capital Markets line comprises of global capital markets business. It
implements traditional and non-traditional capital solutions for investments or companies
seeking financing.
KKR India Advisors Private Limited is a Private incorporated on 22 January 2009
Investments in India
Company Year Of Investment Brief Overview
Five Star 2021
Five Star is a leading retail lender
focused on micro, small and medium
enterprise customers
JB Chemicals &
Pharmaceuticals Ltd
2020
JB Chemicals & Pharmaceuticals Ltd is
a leading branded formulations pharma
company in India with a strong
domestic brand portfolio and exports to
several international markets
Jio Platforms Limited 2020
Jio Platforms Limited is an Indian
digital services player offering services
across Wireless, Home and Enterprise
Broadband as well as a range of digital
applications
Reliance Retail
Ventures Limited
2020
Reliance Retail Ventures Limited is
India’s largest retailer with ~12,000
stores in 7,000 cities and ~640 million
footfalls annually.
EuroKids 2019
EuroKids is one of the largest private
education services providers in India
serving 120,000 students served across
1,100+ pre-schools and 35 K-12
schools. They target mass-premium and
prestige segments across 4 brands -
EuroKids, EuroSchools, Kangaroo Kids
and Billabong High.

2. IndiGrid 2019
IndiGrid is an InvIT structure listed on
the Indian stock exchanges with a
portfolio of 6 electricity transmission
assets and sponsored by Sterlite Power
Transmission (“SPT”), a power
transmission and optic fiber network
developer with operations across India
and Brazil
Ramky Enviro
Engineers
2019
Ramky Enviro Engineers is a leading
provider of environment management
services in India. Ramky provides cost-
effective and customized solutions for a
variety of complex environmental
needs, including waste management and
treatment, contributing to SDG 11
(Sustainable Cities and Communities)
and 12 (Responsible Consumption and
Production).
Indus Towers Limited 2017 Indus Towers Limited is a Telecom
tower operator in India
Max Healthcare
Institute Limited
2017 Max Healthcare Institute Limited is a
leading hospital chain in India
Avendus Capital 2016 Avendus Capital is a leading investment
banking franchise in India
Emerald Media 2015
Emerald Media is a Pan-Asian platform
that provides growth capital to media,
entertainment and digital media
companies and looks to acquire control
or significant minority positions in
growing public and private media
companies
Coffee Day Resorts 2010
Coffee Day Resorts is a privately held
company with ownership in various
operating subsidiaries, including a
substantial majority stake in
Amalgamated Bean Coffee Trading
Company ("ABC"), which is India's
largest food and beverage retailer
through its nationwide chain of coffee
shops operating under the brand CCD
Major News (as per 30th
June 2021)
KKR partners with Crossover Energy to develop clean energy projects
Jun 30, 2021
Buyout firm KKR & Co Inc said on Tuesday it would exclusively partner with renewable
energy consultant Crossover Energy Partners to develop solar and wind power projects and
energy storage systems in North America.

3. Private equity firms are making a new investment push into clean energy after President Joe
Biden's administration recommitted the United States to the Paris climate accord.
In April, the White House said it would back a national clean energy mandate to require the
U.S. grid to get most of its power from emissions-free sources by 2030, in line with Biden's
pledge to cut greenhouse gas emissions in half across the American economy in the next
decade. KKR said its infrastructure team, together with Crossover, will oversee the
origination, development, financing, construction and operation of clean energy projects. The
partnership will focus on securing power purchase, tolling, and build-transfer agreements
from customers such as utilities, municipalities, and industrial firms.
"Energy storage is a game changer and it is revolutionizing the energy industry," Benoit
Allehaut, a KKR managing director focused on clean energy infrastructure, said in an
interview. "To seize the moment, you need to work with people who understand how to tailor
solutions with customers."
KKR, which has $28 billion in infrastructure assets under management, said it has
invested more than $4.7 billion in renewable energy companies across countries. These
include Florida-based NextEra Energy Inc, one of the world's largest wind and solar
power firms, and Indian renewable energy platform Virescent Infrastructure. KKR is
currently raising a $12 billion flagship fund to acquire infrastructure assets from renewable
energy projects to oil and gas pipelines, sources told Reuters earlier in March.
KKR buys $625 million stake in Vini
June 22, 2021
KKR & Co. agreed to buy a controlling stake in Vini Cosmetics, the owner of the Fogg brand
of deodorants, from the founders and Sequoia Capital for $625 million, betting that Indian
consumers will continue to spend big despite the disruption caused by the pandemic.
The founders, led by brothers Darshan and Dipam Patel, will continue to hold a significant
stake in Vini and collaborate with KKR to drive the company’s growth, the private equity
firm said in a statement on Monday. Existing investor WestBridge Capital will also acquire
an additional stake from Vini’s founder group to increase its shareholding.
While the financial details were not disclosed, a person aware of the transaction said KKR
will buy around 55% in Vini Cosmetics, valuing the company at more than $1.1 billion. The
Patel family owns around 61.68% of the company, with Sequoia and WestBridge Capital
holding the rest, according to company filings with the ministry of corporate affairs.
The transaction reflects the continued interest of private equity investors in the Indian
consumption growth story, industry experts said.
“Despite the pandemic, consumer goods companies and brands have seen demand only grow.
Most FMCG companies are doing well. The number of consumers is growing, and investors
continue to bet on this trend," said Harminder Sahni, founder and managing director of
consultant Wazir Advisors.
Founded in 2010, Vini manufactures, markets and distributes its branded deodorants,
cosmetics and toiletries through its flagship brand Fogg and other brands such as Ossum and

4. GlamUp. It sells its products through a network of 700,000 points of sale and 3,000 dealers.
Vini’s products are also sold in South and West Asia. Darshan Patel started Vini after his
family sold its pharma business, Paras Pharmaceuticals, to Reckitt Benckiser in 2010.
Sahni said investors are particularly keen on firms with a wide distribution network, such as
Vini. “Also, we have seen that in online commerce—whose share is only increasing—the
winners have always been the stronger brands," Sahni said.
Darshan Patel will continue as the chairman of Vini’s board, and Dipam will be named vice-
chairman.
“Vini has experienced remarkable growth over the last 11 years, but we believe we are in the
early stages of what our brands can deliver as consumer demand for high-quality personal
care products continue to explode in India, South Asia and other fast-growing markets around
the world," said Darshan Patel.
Vini Cosmetics’ revenue rose 21% to ₹1,070.9 crore for the year ended 31 March 2020 from
₹886.9 crore in the previous year, according to the latest filing with the registrar of
companies. Profit rose 38% to ₹194.7 crore from ₹141.6 crore.
For KKR, the transaction reflects its new focus on buyouts in India as against its earlier
mainstay of credit investments. This is the third major buyout for the PE firm in the past two
years.
In December, KKR named Gaurav Trehan as the new chief of its private equity business in
India, while Sanjay Nayar, who set up shop in the country more than a decade ago, was made
the chairman of the buyout firm in India.
Apart from the major buyouts of JB Chemicals and Pharmaceuticals and waste
management firm Ramky Enviro, in the past 12 months, the PE firm has invested in
Lenskart, Reliance Jio and Reliance Retail.
“Darshan and Dipam are industry pioneers, and we are excited to work with them...to capture
new growth opportunities, stemming from a young, emerging middle-class," said Gaurav
Trehan, partner at KKR.
Paul John whiskey maker, KKR and TPG in race for liquor brands of Diageo-backed
United Spirits
June 12, 2021
Bengaluru-based alco-bev firm John Distilleries, the maker of top selling Popular segment
whiskey ‘Original Choice’ and premium brand ‘Paul John Single Malt’ whiskey, and global
private equity giants KKR and TPG Capital are in the fray to purchase some of the popular or
mass-priced brands of India’s largest liquor company United Spirits Ltd (USL).
The potential sale of brands such as Bagpiper whiskey and White Mischief vodka is gathering
momentum as the Diageo subsidiary looks to embrace a premiumisation strategy-—due to
higher margins—drive profits and take on French liquor major Pernord Ricard in the
domestic market, people from the liquor industry with deep knowledge of the matter told
Moneycontrol.

5. “Private equity firm KKR is also in the race. In the past they have expressed interest in the
domestic alcohol segment,” a second individual told Moneycontrol.
LIC invests Rs 225cr in KKR firm
June 2, 2021
The Life Insurance Corporation (LIC) of India has invested Rs 225 crore in 10-year bonds of
KKR India Asset Finance (KIAFL). The bonds, which carry an AA rating, offer a coupon of
8.01% payable quarterly.
KIAFL is part of the KKR Group and specialises in providing secured lending to real estate
projects in India. The company focuses on under-development and near-complete real estate
projects, primarily in the residential space. It also evaluates early stage development projects
where key consideration includes partner quality and project location. The focus is mainly on
mid-market residential projects.
KIAF (KKR India Asset Finance) is an NBFC focused on providing loans to real estate
developers in India. According to rating agency Crisil. KIAFL is KKR’s real estate credit
vehicle in India and is aligned with the parent’s global strategies for scaling up the realty
business globally and in Asia.
While KKR holds only 9.7% in KIAFL, it has complete management and board control over
the latter. Importantly, KKR’s equity contribution of $23.2 million (Rs 165.9 crore) in
KIAFL has been infused directly from KKR’s balance sheet, and not from funds managed by
it. The remaining equity stake is held by leading global limited partners (LPs, or partner
investors in KKR’s funds), and an Indian high net worth individual, who have collectively
infused equity worth $221.9 million (around Rs 1,584.6 crore) in KIAFL,” Crisil said.
According to Crisil, the shared brand implies a strong moral obligation on KKR to support
KIAFL.
KKR to invest $95 million in Lenskart as existing investors divest portions of holding
May 17, 2021
KKR will invest $95 million in Lenskart through a secondary stake acquisition through its
Asian private equity fund. Avendus Capital will be advising on the transaction.
Existing investors in Lenskart - TPG Growth and TR Capital - which first invested in
Lenskart in late 2014, will each divest a portion of their holding in the company.
After the completion of the transaction, KKR will also support Lenskart by helping it to scale
its operations overseas and enhance its digital offerings to augment customers’ virtual and
omni-store experience.
“I feel we are still scratching the surface and have a lot of work to do over next 10 years in
India and globally,” Lenskart CEO Peyush Bansal said in a statement.
“In the next five years, we aspire to have 50 percent of India wearing our specs. Today’s
announcement is a milestone and a step towards that goal. We are thrilled to welcome KKR
as an investor given their significant experience working with leading global eyewear
retailers such as National Vision and 1-800 Contacts as well as technology-focused
businesses globally. We look forward to working alongside KKR to elevate Lenskart to its
next phase of growth," he added.

6. The eyewear company claims to serve over seven million customers every year and is backed
by Softbank, Kedaara Capital, Premji Invest, Steadview Capital among other key investors.
"As a technology-driven business, Lenskart is a strong, homegrown disruptor in India’s
rapidly expanding eyewear industry," Gaurav Trehan, Partner at KKR, said.
"We are truly excited to work with Peyush and Lenskart’s impressive management team to
support Lenskart’s growth and innovation in India and internationally, in addition to
advancing its mission to provide affordable, accessible eyewear products for everyone," he
added.
How financial giant KKR’s big bet on lending in India went from boom to bust
January 28, 2021
Few asset managers have enjoyed more success in the riskier corners of credit than KKR &
Co. But after a decade-long attempt to wring big returns from India, the Wall Street titan has
become a cautionary tale for investors in one of the world’s most tantalizing emerging
markets
Rocked by the shadow-banking crisis that began rippling through India’s financial system 2
1/2 years ago, KKR’s local credit unit lost 15.16 billion rupees ($207 million) in the final
nine months of 2019, wiping out nearly 40% of its capital. While the unit posted a small
profit last year as India’s central bank pumped record amounts of cash into the Covid-
battered economy, KKR is now in the process of merging the business with a competitor.
It’s a steep fall from grace for a venture that extended about $800 million of loans at its peak
and at one point seemed poised to deliver a windfall to KKR in the form of an initial public
offering. By late 2019, just before the pandemic plunged India into its worst recession on
record, KKR had determined that more than half the loans at the unit — called KKR India
Financial Services Ltd. — were at risk of default.
With a growing number of international money managers now looking for opportunities to
sift through the wreckage of India’s debt markets, the story behind KKR’s troubled bet
illustrates what can go wrong. Interviews with a dozen people familiar with the firm’s Indian
operations, most of whom asked not to be identified discussing private information, point to
missteps that include questionable underwriting assumptions and a decision to accelerate
lending in the lead-up to the 2018 crisis.
“They wrote large checks in rapid succession to balance sheets that didn’t have the size or
capability to repay,” said Amit Goenka, a managing director of Nisus Finance Services Co.
and two-decade veteran of India’s credit markets.
In a response to questions from Bloomberg, KKR said its India credit unit enjoys a strong
liquidity position and will keep looking for ways to expand.
“When we saw what was happening in the market, we rallied around our business — locally
and globally — and created a task force that has been proactive in managing the portfolio and
performance of the business,” KKR said.

7. The India credit unit recorded a pretax profit of about $9.7 million in 2020, according to one
person familiar with the matter.
High-profile casualties
While KKR was among the
most high-profile casualties
of the 2018 crisis, it was far
from the worst hit. Four of
India’s largest non-bank
financiers have defaulted
on their debt, while
Franklin Templeton
shocked market participants
in April by freezing
withdrawals from six
Indian debt funds and
telling investors it would
wind them down.
When viewed in the context of KKR’s global business — the firm oversees $234 billion
worldwide, including about $75 billion in credit investments — the losses suffered by the
India unit are modest. They’ve also had little discernible impact on KKR’s stock price, which
gained 39% last year and hit a record high this month.
Still, India credit was supposed to be a bright spot.
KKR was one of the first big international investors to enter the market in 2009,
committing $100 million to launch the business. Like the rest of KKR’s India operations,
the credit unit was overseen by Sanjay Nayar, a Citigroup Inc. veteran who had been
handpicked by KKR co-founder Henry Kravis a year earlier.
Nayar saw big potential in structured corporate loans, which tend to offer higher interest rates
than traditional bank loans but come with fewer creditor protections. He set up the unit as a
non-bank finance company, rather than as an investment fund. Among other things, that
enabled KKR to amplify its lending power by taking on leverage.
Early additions to the portfolio included Max Group, a conglomerate founded by health care
and insurance tycoon Analjit Singh, and Avantha Group, the paper-pulp to power-plant
empire led by Gautam Thapar. Rupee-denominated loans to the companies yielded about
12%, and they performed well as India emerged from the global financial crisis relatively
unscathed, two people with direct knowledge of the loans said.
Coffee Day Resorts was another high-profile bet. KKR took a stake in the chain, founded by
India’s “coffee king” V.G. Siddhartha, through its private-equity business in 2010 and
extended loans via the credit unit in 2012. KKR usually avoided lending to companies in its
private-equity portfolio to prevent an over-concentration of risk, but Nayar persuaded his
bosses in New York to make an exception, according to one person involved in the deal.
By 2013, KKR’s India credit team was riding high. The Teacher Retirement System of
Texas, one of America’s largest institutional investors, had agreed to take a $100 million

8. stake in the unit, while KKR had also raised about 4.25 billion rupees for a separate India-
focused credit fund.
KKR began exploring the possibility of taking the India credit unit public in 2015, four
people familiar with the discussions said. The feedback from IPO bankers was that KKR’s
loan portfolio was still too small to attract strong investor demand, so Nayar and his team
decided to ramp up lending.
As they doled out credit at a quickening pace, some underwriting decisions were questioned
by members of KKR’s global credit group who had been co-investing with the India unit, two
people familiar with the matter said.
Investments in India
One of the bets that raised red flags was Resonance Eduventures Ltd., a training school for
India’s top engineering college. KKR’s credit funds typically demanded collateral from
borrowers in the form of physical assets, but the loans to Resonance were backed only by
founder R.K. Verma’s shares in the unlisted company. That left KKR lower in the creditor
pecking order if Resonance had trouble repaying its debt. KKR’s bargaining power in the
event of default was also limited because Verma was seen as integral to the company’s value.
The loans went ahead despite the global team’s concerns.
Enthused by the India credit unit’s fast growth, Abu Dhabi Investment Authority, one of the
emirate’s sovereign wealth funds, bought a stake in the firm for about $100 million in 2017.
With local debt markets booming, the time for an IPO seemed ripe.
Everything changed in August 2018. A surprise default by Infrastructure Leasing &
Financial Services Ltd., one of India’s largest non-bank financiers, exposed the shaky
economic underpinnings of a credit expansion that had propelled the nation’s shadow
banking assets to a record $393 billion. Many Indian companies that had become reliant on
short-term loans suddenly lost access to funding. KKR and peers that had extended credit to
these borrowers were exposed.
Nayar initially saw the chaos as an opportunity, telling Bloomberg in an October 2018
interview that he was looking to buy portfolios from struggling shadow lenders. But by the
end of that year, KKR’s global investment committee had taken a more active role in the
business, rejecting Nayar’s requests to extend more credit and make acquisitions, two people
familiar with the matter said.
Brian Dillard, a KKR managing director tasked in late 2018 with overseeing the firm’s credit
operations across Asia, told colleagues he was worried the India unit would become a drag on
the firm’s regional ambitions, two people said. Scott Nuttall, KKR’s co-chief operating
officer, and Henry McVey, chief investment officer of KKR’s balance sheet, also expressed
concerns about lax underwriting.
Investors in KKR’s separate India credit fund were becoming more circumspect too, in part
because of the turbulence in Indian markets. In early 2019, after KKR’s initial fund had
reached its maturity, they turned down the firm’s invitation to invest in a new one, two people
familiar with the matter said.

9. Meanwhile, the credit unit’s loan book was deteriorating. Sintex-BAPL Ltd., an auto-parts
manufacturer, stopped repayments in June 2019, a little more than a year after KKR made
its original loan. Avantha Group was also falling behind on repayments, two people
familiar with the matter said. Several other borrowers, including Resonance, were showing
signs of stress.
KKR eventually wrote off the value of the Sintex and Resonance loans. The latter has been
mentioned on internal KKR calls as a textbook case of how not to structure deals, two people
familiar with the matter said. In late 2019, Indian regulators including the Ministry of
Corporate Affairs said that an Avantha Group company — CG Power & Industrial Solutions
Ltd., whose shares KKR held as collateral — had falsified accounts. CG Power said in
October that the impact of the accounting irregularities could be assessed only after
investigations by the company and regulators were complete. KKR has set aside provisions
for the loan.
Sintex, Resonance and CG Power didn’t respond to requests for comment.
Coffee Day troubles
Things had also gone badly wrong at another big KKR investment — Coffee Day. In July
2019, Siddhartha, the coffee chain’s founder, was found dead in a river in an apparent
suicide. A letter purportedly written and signed by him and sent to Coffee Day’s senior
management mentioned “tremendous pressure” from lenders and one of the company’s
private-equity investors that he didn’t name. Coffee Day’s board, which included Nayar,
ordered a probe into allegations that Siddhartha had embezzled money.
The following month, senior KKR managers in New York took an even more hands-on role
at the India credit unit, according to two people familiar with the matter. The firm formed a
task force to look into each of the unit’s 33 outstanding loans, concluding by October that
as many as 18 of them risked slipping into default.
Around the same time KKR India Financial Services had its long-term credit rating cut to
AA, the third-highest investment grade, from AA+ by Crisil, the local unit of S&P Global
Ratings. Borrowers of more than half of its 59 billion rupees in loans weren’t fully complying
with the original terms of their debt agreements, Crisil said.
B.V. Krishnan, the CEO of KKR’s India credit unit, left the same month. He was replaced
by Kapil Singhal, a Goldman Sachs Group Inc. veteran who had been hired by KKR
shortly before Krishnan’s departure.
Working with Dillard, Singhal started looking for opportunities to sell KKR’s loans or the
entire unit. Several of the country’s non-bank lenders balked at a deal on valuation concerns,
three people familiar with the matter said.
With worries about another rating downgrade by Crisil mounting, KKR pledged to make a
further $150 million available to the India credit unit in January 2020. It said in a statement at
the time that the move would bolster the unit’s position in India’s credit markets, though the
money has yet to be drawn down.
By July, Coffee Day’s probe into Siddhartha’s death had concluded. The entrepreneur had
siphoned off $360 million so he could buy back shares held by private-equity investors,

10. repay loans and keep up with interest payments on other borrowings, Coffee Day alleged,
citing the findings of an investigation led by a retired senior official from India’s federal
law enforcement agency. The investigation didn’t find any fault with lenders or private-
equity investors. Police in Karnataka, the Indian state where Siddhartha died, said the
cause was suicide but declined to comment further.
The following week, InCred Financial Services Ltd., a local consumer lender backed by
former Deutsche Bank co-CEO Anshu Jain, said it had signed an agreement to merge with
KKR’s credit unit in an all-stock deal, without specifying terms. KKR will get a roughly
20% stake in the merged entity while the other two investors in the credit unit — Texas
Teacher and Abu Dhabi Investment Authority — will also hold minority positions after the
transaction is complete, according to three people familiar with the matter. The company
will operate under the InCred name, the people said, adding that terms of the deal have yet
to be finalized and could change.
“While we are unable to comment on any specific transaction, it is accurate that we have and
will continue to explore new ways to invest in and expand the business,” KKR said. Texas
Teacher and ADIA declined to comment.
Blow of Covid-19
In the months since the merger agreement was announced, India has been pummeled by
Covid-19 along with much of the rest of the world. Yet at the same time, local credit markets
have proven remarkably resilient thanks to central bank stimulus. One gauge of Indian debt
risk — the spread on the highest-rated corporate bonds over government notes — spiked to a
six-year high in May but has since fallen close to the lowest level since at least 2002.
International money managers including Apollo Global Management Inc. and Blackstone
Group Inc. have been scaling up their India lending businesses.
KKR, meanwhile, has taken advantage of buoyant markets to reduce risk. The India credit
unit’s net leverage ratio now stands at 0.9, down from 2.4 a year ago, one person familiar
with the matter said. Last year the firm offered to repay about $90 million of its debt early,
but most of its lenders chose to retain their exposure, the person said.
Nayar left his role as KKR’s India CEO in December, though he continues to “advise and
assist” the firm as its India chairman. Singhal resigned around the same time, after just 10
months running the credit unit.
Under Dillard, KKR’s Asia credit team has lent more than $1 billion over the last 18
months and is preparing to raise its first dedicated credit fund for the region. The firm
plans to keep looking for lending opportunities in India.
“KKR squandered the coveted first-mover advantage,” said Arun Kejriwal, director at
KRIS, an investment advisory firm in Mumbai. “We will see whether they have learned
lessons.”-Bloomberg
Gaurav Trehan to head KKR India’s Private Equity business
December 21, 2020
KKR, the global investment firm has announced that Sanjay Nayar, CEO of KKR India,
will take up a new role as chairman of KKR India, effective 31, December 2020 and
Gaurav Trehan will head its Private Equity business in India.

11. “As Chairman, Mr. Nayar will advise and assist KKR’s India business by leveraging his
connectivity and experience across the country,” KKR said in a statement.
“We are grateful to Sanjay for his role in establishing our business in India, partnering
with and empowering local entrepreneurs to build their businesses into local and global
champions, making KKR a leading investor in India and helping to grow our Asia Pacific
business. We look forward to Sanjay’s continued support in his new role,” said Joseph
Bae, co-president and co-chief operating officer, KKR.
Earlier this year Gaurav Trehan had joined KKR from TPG Capital Asia, where he spent
more than 15 years and was most recently a partner in its India office. He has evaluated
and executed private equity transactions across a diverse range of sectors in India.
“Gaurav has established himself as one of India’s top private equity investors and we are
excited to add an executive of this calibre to our leadership team. With his strong
investment acumen, relationship-oriented mindset, and his track record of creating value
in companies, we are confident he will enable us to augment our ability to support the local
economy and take home-grown businesses to the next phase of growth and development,”
Ming Lu, Head of KKR Asia Pacific, said.
KKR has been investing in India since 2006 and established its Mumbai office in 2009.
As of 30, September it has deployed more than $5.8 billion in private equity investments in
India and $10 billion across asset strategies, including credit, infrastructure, and real
estate, it said.;
KKR raises $3.9 billion for APAC infra fund
Jan 12, 2021
KKR has hit the final close of its $3.9 billion maiden infrastructure fund for Asia, KKR Asia
Pacific Infrastructure Investors SCSp, the American private equity investor said on Monday.
As part of its dedicated Asia Pacific infrastructure strategy, launched in 2019, KKR has so far
committed $1.8 billion across six investments. KKR’s Asia Pacific infrastructure portfolio
includes India Grid Trust, a publicly traded infrastructure investment trust, Virescent
Infrastructure, a renewable energy company in India, Eco Solutions Group, an environmental
services provider in South Korea, First Gen, a Philippines power producer, TSK Corp, an
environmental services management company in South Korea, and Pinnacle Towers, a
telecommunications infrastructure provider in the Philippines.
The India Grid investment in mid-2019 was the first investment by the fund.
“We think Asia Pacific infrastructure is a major opportunity for KKR, which already had a
large private markets business in Asia, while our global infrastructure business was largely
focused on the US and Europe. We started raising the fund in mid 2019 and in our first
attempt we have raised the largest corpus for such a strategy. The LP response has been
phenomenal," said Hardik Shah, managing director and head of India infra, KKR India.

12. The fund will invest in India, South Korea, South East Asia, Japan, China, and Australia,
Shah said. India is a key market for this fund, though it doesn’t have hard geographic
allocations, he said.
“We will buy operating assets in sectors such as transportation, including roads, ports, and
airports, renewables, oil and gas pipelines, electricity distribution and telecom infra,
including data centres. Roads and telecom infrastructure are of keen interest to us. There is a
lot of depth in the roads sector and it is a sector that we like. We will look at both annuity and
toll roads," Shah said.
The firm is also eyeing opportunities arising out of government programmes. “We see a
massive opportunity in the Indian government’s National Infrastructure Pipeline. We believe
that a lot of capital for this will come from foreign investors," he said.
KKR to float private InvIT in bid to house renewable assets
Jan 2, 2021
Private equity firm KKR is setting up a private infrastructure investment trust (InvIT) to
house operating renewable energy assets it aims to acquire in India, said two people aware of
the development, requesting anonymity.
KKR to step up real estate financing
November 3, 2020
Real estate focused non-banking financial company (NBFC) KKR India Asset Finance Ltd
(KIAFL) is stepping up lending even as overall financing to the sector remains subdued, said
a top executive.
KIAFL, the local arm of private equity firm KKR & Co., was set up in 2015 to focus on
lending to residential projects in top cities, and has invested a little under $2 billion since
then.
This year, it has invested around $60 million across four deals, including top-up financing to
Lodha Developers. It is also in the process of closing a deal with a Bengaluru-based
developer.
It has so far invested $175 million in Lodha’s residential and commercial office
development assets since 2016.
“We are consolidating our market position by stepping up our lending activities and expect
overall margins to be higher. We also think that the residential market will continue to bottom
out and stage recovery in the next few quarters, thereby presenting a good risk-return
proposition for investors," Yesh Nadkarni, MD, real estate, KKR India said in an interview.
Serial defaults by Infrastructure Leasing and Financial Services Ltd (IL&FS), which came
to light in mid-2018, made it difficult for NBFCs to raise money, impacting both fresh
lending and disbursals of sanctioned loans. The NBFC crisis has only made it worse for
real estate developers, who have been battling a continuing sector slowdown.
Nadkarni said there’s been a significant upheaval in the landscape for real estate NBFCs
posing a challenge for many market players.

13. “…But the current environment presents a meaningful opportunity for KKR India Asset
Finance Ltd to scale its business further, given the quality of our balance sheet and the
reaffirmed credit rating. We continue with our objective to build up our book and make more
investments," he said.
In July, Crisil reaffirmed ‘AA’ rating on the bank facilities and debt instruments of KIAFL.
“…KIAFL over the past three fiscals, has grown its loan book to reach ₹3971 crore as on 31
March, 2020, compared to around ₹3735 crore a year ago. On the funding side, the company
has managed to raise ₹550 crore in fiscal 2020 through traditional bank lines. In terms of
liquidity, it remains adequate, Crisis said in its rating note.
Despite the volatility in the sector, there is currently a chance for investors who want to focus
on this space to gain market share, KIAFL being one of them, Nadkarni said.
“Since July, our real estate-focused NBFC has received two new lines of bank funding, and
there is an ongoing opportunity to receive more. Banks recognize the volatility but are not
shying away from lending to NBFCs," he said. “We’ve strategically decided to be even more
prudent in our balance sheet management in recent years, including obtaining long-term
funding lines to help us navigate this dynamic landscape."
KIAFL has about ₹1000 crore of unfunded commitments that have not been disbursed.
KKR launches platform to acquire renewable energy assets in India
October 29, 2020
KKR today launched Virescent Infrastructure, a newly-created platform to acquire
renewable energy assets in India. Headquartered in Mumbai, Virescent aims to expand its
portfolio of operational renewable energy assets, facilitated by investments predominantly
made through KKR’s infrastructure fund.
Virescent will identify investment opportunities that have stable cash flows stemming from
long-term contracts with state and central government counterparties across India. It currently
owns 317 Megawatt (MW) of solar assets located in Maharashtra and Tamil Nadu.
KKR has also entered into definitive agreements to acquire other operating solar projects
across three different states. Once closed, these projects will also become part of the
Virescent platform.
The company said renewable energy represents a key vertical within KKR’s infrastructure
strategy and it has invested in renewable energy businesses with more than 10,000 MW of
total operational capacity.
“The launch of Virescent is a meaningful milestone for KKR’s Asia Pacific infrastructure
strategy amid India’s ambitions to install 175 GW of renewable energy capacity by 2022 and
450 GW by 2030," said Hardik Shah, a Managing Director at KKR's Infrastructure team.
Virescent is led by Chief Executive Officer Sanjay Grewal, who has over 30 years of
experience in the Indian and global infrastructure sector. He will be responsible for
identifying, planning, and executing investment opportunities for Virescent.

14. “Positive government initiatives have created a number of long-term investment opportunities
in India’s rapidly transforming renewable energy sector. We are thrilled that Virescent will
seek to invest in many of these great opportunities, in addition to achieving stable returns by
acquiring high-quality, low-risk, and income-yielding assets with stable and long-term
cashflows," Grewal said.
KKR’s global infrastructure portfolio spans sectors such as energy, transportation, telecom,
oil and gas, and water. Virescent additionally deepens KKR’s presence in the Indian market,
the firm said in a statement.
KKR to Invest ₹ 5,550 Crore in Reliance Retail Ventures
September 23, 2020
Reliance Industries Limited and Reliance Retail Ventures Limited announced on Wednesday
that global investment firm KKR will invest ₹5,550 crore into Reliance Retail, a subsidiary of
Reliance Industries. This investment values Reliance Retail at a pre-money equity value of ₹
4.21 lakh crore. KKR’s investment will translate into a 1.28% equity stake in RRVL on a
fully diluted basis.
This is the second deal by Reliance Retail in two weeks. Earlier this month, private equity
giant Silver Lake Partners had said that it will invest ₹7,500 crore in Reliance Retail for a
1.75% stake.
This marks the second investment by KKR in a subsidiary of Reliance Industries, following a
₹ 11,367 crore investment in Jio Platforms announced earlier this year. Founded in 1976,
KKR has $222 billion in assets under management as of June 30, 2020.
Reliance Retail claims that the company sees around 640 million footfalls across its nearly
12,000 stores nationwide.
“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. KKR has a proven track record of being a valuable partner to industry-leading
franchises and has been committed to India for many years. We look forward to working with
KKR’s global platform, industry knowledge and operational expertise across our digital
services and retail businesses," said Mukesh Ambani, Chairman and Managing Director of
Reliance Industries.
Morgan Stanley acted as financial advisor to Reliance Retail and Deloitte Touche Tohmatsu
India LLP acted as financial advisor to KKR for this deal.
.