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India’s Reliance Retail to lift $598m from ADIA at over $100b valuation

Billionaire Mukesh Ambani’s Reliance Retail Ventures said on Friday it would lift 49.67 billion rupees ($598 million) from the Abu Dhabi Funding Authorityin essentially the most customary wager on India’s largest retailer ahead of a ability stock market itemizing.

The funding by ADIA at a valuation of $100.8 billion will translate right into a stake of 0.59% in the firm, the retail unit of oil-to-retail conglomerate Reliance Industries said in a regulatory filing.

Reliance Retailwith bigger than 18,000 retail outlets and which competes with Amazon and Walmart’s Flipkart, has attracted investments from non-public equity agency KKR & Co and Qatar Funding Authority (QIA) in most customary months.

Reliance Retail has demonstrated great growth and flexibility in a market that is evolving at an unparalleled tempo,” said Hamad Shahwan Aldhaheri, government director of the private equities department at ADIA.

The funding comes as Reliance diagram an inner target to lift $3.5 billion.

Reuters reported closing month that Reliance Retail was in talks with existing investors including the sovereign wealth funds of Singapore, Abu Dhabi and Saudi Arabia for combined fresh investments of spherical $1.5 billion.

ADIA and Singapore’s GIC had invested $664 million every into the retail unit in 2020 as Reliance purchased a 10.09% stake at a valuation of 4.68 trillion rupees. Saudi Arabia’s Public Funding Fund had pumped in $1.15 billion, consistent with most customary alternate charges.

Ambani said in August that “several marquee global strategic and monetary investors web shown great passion” in his firm.

Morgan Stanley acted as monetary adviser to Reliance Retail Ventures for the ADIA deal.


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