Mukesh Ambani’s Reliance Retail Ventures to raise $598 million from ADIA

Indian billionaire Mukesh Ambani’s Reliance Retail Ventures said on Friday Abu Dhabi Investment Authority would invest 49.67 billion rupees ($597.58 million) in the company at a valuation of $100.8 billion.

 

The investment by ADIA will translate into a stake of 0.59% in the company, the retail unit of oil-to-retail conglomerate Reliance Industries said in a regulatory filing.

 

Reliance Retail, which has more than 18,000 stores and competes with Amazon and Walmart’s Flipkart, has attracted investments from private equity firm KKR & Co and Qatar Investment Authority (QIA) in recent months.

 

Reuters had reported last month that Reliance was in advanced talks with global investors to raise around $2.5 billion ahead of a potential stock market listing.