Saudi, UAE wealth funds to buy stakes in India’s Reliance Retail Ventures

Saudi, UAE wealth funds to buy stakes in India’s Reliance Retail Ventures

Indian billionaire Mukesh Ambani's Reliance Industries is planning to raise Rs 60,000 - 63,000 crore ($8.5 billion) from private equity investors and sovereign wealth funds by selling a 15 percent stake in Reliance Retail Ventures, the holding company of its retail businesses.According to Financial Times (FT), sovereign wealth funds such as Abu Dhabi Investment Authority (ADIA) and Saudi Arabia's Public Investment Fund (PIF), are in talks to buy stakes in Reliance Retail Ventures.ADIA is in discussions to invest about $750 million at a valuation of roughly $57 billion, while PIF could funnel as much as $1.5 billion into Reliance Retail, the FT said, citing people familiar with the matter.Abu Dhabi investment firm Mubadala may also take a stake, the report said. However, the wealth funds declined to comment.US-based private equity