msn.com 18 Sep, 2020 08:45 am

After Jio, Gulf wealth funds eye Reliance retail

From the Gulf, state investment funds from the UAE and Saudi Arabia are reportedly in negotiations with Reliance Retail Ventures Ltd.

Khaleej Times After Jio, Gulf wealth funds eye Reliance retail p Indian billionaire Mukesh Ambani's offline and online retail business has now become the latest cynosure for global investors and sovereign wealth funds weeks after his digital services firm Jio Platforms has raised Rs1.From the Gulf, state investment funds from the UAE and Saudi Arabia, including Mubadala Investment, Abu Dhabi Investment Authority, and Saudi Arabia's Public Investment Fund (PIF), are also reportedly in negotiations with Reliance Retail Ventures Ltd (RRVL), the holding company of offline and online retail business of Reliance Industries (RIL).Western and Indian media reports said while Mubadala is weighing an investment of about $750 million in Reliance Retail, Adia is pondering a similar investment and PIF could funnel as much as $1.Reliance Retail posted Rs 1.

RRVL seeks to offload up to 15 per cent stake to private equity players and strategic investors to raise up to Rs800 billion, while reserving the largest allocation of 40 per cent for Amazon.Reliance also signaled it would pick up 13 per cent stake in Kishore Biyani's remaining business under Future Enterprises Ltd.

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