Reliance Retail is in talks to raise US $ 1.5 billion from existing investors, including the sovereign wealth funds of Singapore, Abi Dhabi and Saudi Arabia, Reuters reported, citing sources.
The discussions are a part of an internal goal to raise US $ 3.5 billion by the end of this September. The Qatar Investment Authority (QIA) has committed US $ 1 billion of that as investment. KKR & Co. announced an investment of US $ 250 million earlier this week.
The Public Investment Fund (PIF) of Saudi Arabia, the Abu Dhabi Investment Authority (ADIA), and Singapore’s GIC are looking to invest at least US $ 500 million each in Reliance Retail out of the total of US $ 1.5 billion. The retail division of the Mukesh Ambani-led business will be valued at US $ 100 billion.
According to a different source, some of the investors might only put up US $ 500 million, thus the company is also seeking for other investors to help raise money.
