Global investment firm KKR & Co plans to list its Indian operations in the country following an IPO, making it the first international PE firm to mull such a move. The IPO will exclude the PE firm’s private equity operations, according to a report in The Financial Times .

BusinessLine could not independently verify the news. When contacted, a KKR spokesperson declined to comment.

KKR’s PE is part of the company’s broader Asia private equity business, which is being managed out of Hong Kong, the newspaper reported, adding the timing of the initial stake-sale has not been finalised.

This also reflects KKR’s unique business model in India, where the US group is a fully diversified financial firm.

It operates as a buyout company with a credit business, where KKR not only takes equity stakes in local companies but also lends to those companies.

KKR not only has two credit funds in India but also uses its own balance sheet for transactions. This makes it difficult to assess and value the forthcoming listing.

The PE major has been upping its presence in the country, with the private equity major entering into an agreement to acquire a 60 per cent stake in Ramky Enviro Engineers (REEL) for about $530 million (nearly ₹3,500 crore).

The deal entered into by the companies last week values Hyderabad-based REEL at about $925 million.

KKR, which has been investing in India since 2006, has a portfolio ranging from Cafe Coffee Day, to Bharti Infratel, Avendus Capital, Radiant Life Care and SBI Life Insurance, among others.

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