Reliance Retail in Talks to Raise $1.5 Billion More from Sovereign Funds

Reliance Retail in talks with existing investors including sovereign wealth funds of Singapore, Abu Dhabi and Saudi Arabia for $1.5 billion in new investments.
Talks are part of Reliance's target to raise $3.5 billion by end of September. Qatar fund already announced $1 billion investment.
Singapore's GIC, Abu Dhabi Investment Authority (ADIA) and Saudi Arabia's Public Investment Fund (PIF) looking to invest $500 million each.
Investors had option to increase stakes based on 2020 fund raising agreements. Showing keen interest to invest more now.
Reliance Retail is India's largest retailer led by Mukesh Ambani. Has over 18,000 stores with presence in groceries to electronics.

reuters.com

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Posted 9/13/2023, 10:45:00 AM