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Abu Dhabi Sovereign Wealth Fund, Mubadala In Advanced Talks To Invest Up To $1 Billion In Reliance's Retail Business
Reliance Industries chairman Mukesh Ambani.
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.
It should be noted that Mubadala Investment Company had also invested $1.2 billion in Jio Platforms just a few months ago. The company had earlier also stated that it was under-invested in Asia and planned to expand its portfolio of investments in the region.
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.
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