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| - Fact Check: KKR is investing in Reliance Retail, but it's not what you think
Several Facebook users have claimed that Shah Rukh Khan's Kolkata Knight Riders (KKR) is acquiring a 1.28 per cent stake in Reliance Retail at Rs 5,500 crore. India Today Anti Fake News War Room (AFWA) has found it is not Kolkata Knight Riders, but US investment firm Kohlberg Kravis Roberts (KKR) which is investing Rs 5,500 crore in Reliance Retail.
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India Today Fact Check
Not Kolkata Knight Riders, but US investment firm Kohlberg Kravis Roberts (KKR) will invest Rs 5,550 crore in Reliance Retail for a 1.28 per cent stake.
With IPL fever on, here is one news about KKR that has gone viral on social media, but for the wrong reason.
Several Facebook users have claimed that Shah Rukh Khan's Kolkata Knight Riders (KKR) is acquiring a 1.28 per cent stake in Reliance Retail at Rs 5,500 crore.
Netizens have posted the screenshot of a web portal called "Shortpedia", where the headline reads, "Kolkata Knight Riders to acquire 1.28% stake in Reliance Retail at Rs 5,500 crore".
India Today Anti Fake News War Room (AFWA) has found it is not Kolkata Knight Riders, but US investment firm Kohlberg Kravis Roberts (KKR) which is investing Rs 5,500 crore in Reliance Retail for a 1.28 per cent stake. Clearly, the same acronym has got people confused.
The archived versions of the posts are saved here and here.
The 'KKR' confusion
The news about KKR investing in Reliance Retail has been reported by several news websites.
According to these news reports, Reliance Industries on Wednesday, September 23, said American global investment company Kohlberg Kravis Roberts will invest in its retail arm, Reliance Retail Ventures Limited (RRVL).
This deal marks the second investment by Kohlberg in a subsidiary of Reliance Industries, following an investment of Rs 11,367 crore in Jio Platforms announced earlier this year.
The confusion on social media probably began due to a little-known web portal named "Shortpedia", which initially published a report on September 23 with the headline saying, "Kolkata Knight Riders to acquire 1.28% stake in Reliance Retail at Rs 5,500 crore".
Later, after realising the goof-up, it made the necessary correction.
The cached version of the earlier article can be seen here.
Former Kolkata Knight Riders team director Joy Bhattacharjya also wrote about the "KKR" confusion on his Facebook page, sharing an 11-year-old anecdote, when some people misconstrued KKR as a global investment company.
News portal The Free Press Journal also cleared the confusion between Kohlberg and Kolkata Knight Riders
Hence, it is clear that it was not Kolkata Knight Riders but global investment firm Kohlberg Kravis Roberts (KKR) that invested in Reliance Retail.
(With input from Srijit Das in New Delhi)
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