Abu Dhabi fund buys $750m stake in retail arm of Indian giant Reliance

  • Date: 06-Oct-2020
  • Source: Arabian Business
  • Sector:Financial Markets
  • Country:UAE
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Abu Dhabi fund buys $750m stake in retail arm of Indian giant Reliance

A wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) will invest 55.1 billion rupees ($750 million) in Reliance Industries' retail arm.

ADIA will buy a 1.2 percent stake in Reliance Retail Ventures, according to a statement, valuing the business at 4.29 trillion rupees.

Abu Dhabi Investment Authority and Mubadala Investment Company understood to be in discussions with Indian giant

Last week, Arabian Business quoted sources saying that both ADIA and Mubadala were keen to buy stakes. Mubadala announced its $844 million deal last week.

With the latest investment, RRVL has raised 377.1 billion rupees from global investors including Silver Lake, KKR, General Atlantic, Mubadala, GIC, TPG and ADIA in less than four weeks.

Mubadala says its investment will translate into a 1.40% equity stake in Reliance Retail Ventures Limited

Reliance Retail runs supermarkets, India's