Finance News
Complete Finance & Business News Journal

Middle East sovereign wealth funds in talks to buy stakes in Reliance Retail: Report

12

Mumbai: Middle East sovereign wealth funds, together with the Abu Dhabi Funding Authority (Adia) and Saudi Arabia’s Public Funding Fund (PIF), are in talks to buy stakes in Mukesh Ambani-led Reliance Industries’ arm Reliance Retail, Monetary Instances reported on Wednesday.

Adia is in discussions about an funding of $750 million at a valuation of roughly $57 billion, in accordance to folks acquainted with the matter, whereas the PIF might funnel as a lot as $1.5 billion into the entity managed by Ambani’s oil-to-telecom conglomerate Reliance Industries, the report stated, including that Mubadala might also take a stake.

Adia, Mubadala and PIF declined to remark to FT, whereas Reliance didn’t instantly reply to a request for remark, the report stated.

Earlier in the day, the US non-public fairness agency Silver Lake stated it would invest Rs 7,500 crore in Reliance Retail for round 1.75 per cent stake in the corporate.

This marks the second billion greenback funding by Silver Lake in a Reliance Industries subsidiary after the $1.35 billion funding in Jio Platforms introduced earlier this yr.

KKR & Co. is in superior talks to invest not less than $1 billion in Reliance Retail, Bloomberg reported citing sources.

The Silver Lake-Reliance Retail deal got here in weeks after Ambani’s back-to-back Jio offers that had taken the market without warning. Jio Platforms raised a mixed Rs 1,52,056 crore by promoting over 33 per cent stake, from tech majors corresponding to Fb and Google, other than different marquee traders.

On August 31, RIL stated its unit Reliance Retail Ventures (RRVL) was buying the retail and wholesale enterprise and the logistics and warehousing enterprise from the Kishore Biyani-promoted Future Group as going issues on a droop sale foundation for a lump sum complete consideration of Rs 24,713 crore.

Get real time updates directly on you device, subscribe now.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Translate »