A unit of Abu Dhabi Investment Authority will invest 55.1 billion rupees ($750 million) in Reliance Industries Ltd.’s retail arm, as billionaire Mukesh Ambani continues to enlist marquee backers for the business and adding to the $4.4 billion he has mopped up in recent weeks.
ADIA will buy a 1.2% stake in Reliance Retail Ventures Ltd., according to an exchange filing Tuesday, valuing the business at 4.29 trillion rupees. With the latest investment, RRVL has raised 377.1b rupees 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 on the success of the 63-year-old tycoon’s technology venture, Jio Platforms Ltd., which raised more than $20 billion from Facebook Inc., Google and others earlier this year.
No comments:
Post a Comment