Abu Dhabi’s Mubadala to sign deal with India’s Reliance Retail-source

Abu Dhabi’s Mubadala to sign deal with India’s Reliance Retail-source

DUBAI- Abu Dhabi state fund Mubadala Investment Co has agreed to invest 62.48 billion rupees ($853 million) in the retail division of India's Reliance Industries, the Indian conglomerate said in a statement.Reliance Retail is on a fundraising spree and has secured around $1.8 billion in the past few weeks from KKR & Co and Silver Lake Partners. Mubadala's investment translates into a 1.4% equity stake in Reliance Retail Ventures Limited on a fully diluted basis, according to the statement and a source close to the deal."This marks the second significant investment by Mubadala in a Reliance Industries subsidiary after the $1.2 billion investment in Jio Platforms announced earlier this year," Reliance said.Reliance, controlled by Asia's richest man Mukesh Ambani, has approached investors, who collectively pumped more than $20 billion into its