Reliance Retail to raise 49.67 billion rupees ($598 million) from Abu Dhabi Investment Authority (ADIA)
Expert Analysis
ADIA, a sovereign wealth fund, said it will invest 49.67 billion rupees ($598 million) in Mukesh Ambai’s Reliance Retail Ventures Ltd 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 has set an internal target to raise $3.5 billion.
In 2020, ADIA and Singapore's GIC had invested $664 million each at a valuation of 4.68 trillion rupees, for which Reliance Retail sold a 10.09% stake, wherein Saudi Arabia's Public Investment Fund had infused $1.15 billion.
Morgan Stanley was a financial adviser for the ADIA deal.
Reliance Retail has also attracted investment from private equity firms like KKR & Co and Qatar Investment Authority in recent months.
The infusion of funds will aid in the expansion plans of the retail outlet, which runs 18k+ stores all over India.
The company also plans to acquire small businesses in the retail sector to expand drastically in the future.
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