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Reliance Retail in talks with Gulf, Singapore funds for $1.5-bn investment: Report

Reliance Retail

According to Reuters, Mukesh Ambani’s Reliance Retail is in talks with existing investors, including sovereign wealth funds from Singapore, Abu Dhabi, and Saudi Arabia, for another round of $1.5 billion in funding. 

The discussions with investors are part of a $3.5 billion internal aim that the corporation hopes to complete by the end of September, according to Reuters.  

According to the source, Singapore’s GIC, Abu Dhabi Investment Authority (ADIA), and Saudi Arabia’s Public Investment Fund (PIF) are all looking to invest at least $500 million each in Reliance Retail, which is valued at $100 billion. 

GIC, PIF, and ADIA are three of the world’s largest investment funds, with a combined 4.4% interest in Reliance Retail. 

Reliance Retail

Reliance sold a 10.09 percent share in its retail sector for Rs 4.68 lakh crore ($56.4 billion) in 2020. Based on current currency rates, GIC and ADIA each put in $664 million, while PIF put in $1.15 billion.   

The announcement comes only two days after private equity firm KKR announced an additional Rs 2,069.50 crore investment in Reliance Industries Ltd (RIL). Its most recent investment is worth Rs 8.36 lakh crore. 

“We are grateful for KKR’s continued support as an investor in RRVL.” “We value our growing partnership with KKR, and their latest investment in RRVL following their previous investment reinforces their strong belief in RRVL’s vision and capabilities,” Isha Ambani, director of RRVL, stated in response to KKR’s recent investment. 

“We look forward to continuing our engagement with KKR and benefiting from their global platform, industry knowledge, and operational expertise as we work to transform the Indian retail sector,” she added.