Abu Dhabi’s ADIA to invest $750m in Mukesh Ambani’s retail unit

Abu Dhabi’s ADIA to invest $750m in Mukesh Ambani’s retail unit

A unit of Abu Dhabi Investment Authority will invest INR55.1bn ($750m) in Reliance Industries Ltd.'s retail arm, as billionaire Mukesh Ambani continues to enlist marquee backers for the business and adding to the $4.4bn he has mopped up in recent weeks.

ADIA will buy a 1.2 per cent stake in Reliance Retail Ventures Ltd.(RRVL), according to an exchange filing on Tuesday, valuing the business at INR 4.29 trillion.

With the latest investment, RRVL has raised INR377.1bn from global investors including Silver Lake, KKR, General Atlantic, Mubadala, GIC, TPG and ADIA in less than four weeks, the company said in the filing.

The deal brings yet another investor on board Ambani's retail unit which has already sold stakes to partners including KKR & Co. General Atlantic and TPG among partners.

The latest round builds