Abu Dhabi Sovereign Wealth Fund, Mubadala In Advanced Talks To Invest Up To $1 Billion In Reliance's Retail Business

Abu Dhabi's sovereign wealth fund Mubadala Investment Company is in advanced talks with Mukesh Ambani-led Reliance Industries Limited (RIL)'s retail division Reliance Retail Ventures Limited (RRVL) for investing up to a billion dollars, reports The Economic Times.

RRVL is presently in the midst of emulating a stellar fundraising spree as achieved by its sister RIL firm Jio Platforms which had raised more than $20 billion from a stream of technology majors, private equity (PE) behemoths and sovereign wealth funds. RRVL has already raised $1.8 billion so far, from United States (US)-based PE giants KKR & Co. and Silver Lake Partners.

Mubadala Investment Company is the second-largest sovereign wealth fund of Abu Dhabi after the Abu Dhabi Investment Authority (ADIA), and presently manages assets worth over $240 billion.

Meanwhile, it should be noted that Japanese SoftBank group led by billionaire Masayoshi Son is also said to have expressed interest in investing in RRVL.