What are you making of the KKR investment in Reliance Retail? It holds about 1.28% equity stake for about Rs 5,550 crore. How significant will it be going forward?
It is the same valuation that the earlier deal had offered, that is Rs 4.2 lakh crores. I would say that there are no big surprises or it does not give you any incremental valuation leg up from here on. The only thing is that Reliance Retail as an entity, as a vertical now has started getting the investors interest which is positive for Reliance. But incrementally going forward, a lot depends on the actual scalability and how they integrate the JioMart platform and the Future Group.

How are you looking at the overall landscape in the retail space? With multiple deals coming in, Mukesh Ambani is looking to widen his lead over Amazon. Do you think that is possible with him scaling up these investments or is it going to be a long road ahead?
If you compare JioMart or Reliance Retail with Amazon, those two platforms are really different. As of now, Amazon is more like a platform where each and every individual registers and actually goes and sells the products. As for JioMart, there are a lot of on-the- ground presence and a lot of retail stores are there. It will get bolstered by the Future Group acquisition. Incrementally from here on, maybe JioMart is trying to get into the space where Amazon is today over the next three years.