Mubadala at advanced talks to invest $1bn in India’s Reliance Industries

Mubadala at advanced talks to invest $1bn in India’s Reliance Industries

UAE - Mubasher: Mubadala Investment Company (Mubadala) is holding advanced talks to invest $1 billion in the retail division of India's Reliance Industries, Reuters reported.

In the past few weeks, Reliance Industries, controlled by Asia's richest man Mukesh Ambani, has raised $1.8 billion from KKR & Co and Silver Lake Partners.

Over $20 billion has been pumped by a number of investors in Jio Platforms, Reliance Industries' subsidiary, in 2020 to acquire stakes in its retail business with around 12,000 stores.

A source told Reuters that Mubadala's talks to invest between $500 million and $1 billion in Reliance are at an advanced stage.

It is noteworthy to mention that in June, Mubadala has announced its plans to expand its investments in Asia, especially in the technology sector.