Gulf SWFs eyeing India’s Reliance Retail unit

Gulf SWFs eyeing India’s Reliance Retail unit

Indian billionaire Mukesh Ambani's offline and online retail business has now become the latest cynosure for global investors and sovereign wealth funds weeks after his digital services firm Jio Platforms has raised Rs1.52 trillion from overseas.From the Gulf, state investment funds from the UAE and Saudi Arabia, including Mubadala Investment, the Abu Dhabi Investment Authority (Adia) and Saudi Arabia's Public Investment Fund (PIF), are also reportedly in negotiations with Reliance Retail Ventures (RRVL), the holding company of offline and online retail business of Reliance Industries (RIL).Other overseas investors seeking a stake in India's booming retail spectrum include L Catterton, KKR, Carlyle Group and SoftBank Group. Most of these suitors have already invested in RIL's Jio Platforms.RRVL seeks to offload up to a 15 per cent stake to private equity players