The discussions come as Reliance
earlier in the day said US private equity firm Silver Lake Partners will invest
$1.02 billion in its retail business.
Middle East
sovereign wealth funds, including the Abu Dhabi Investment Authority (ADIA) and
Saudi Arabia's Public
Investment Fund (PIF), are in talks to buy stakes in the retail arm of
Indian billionaire Mukesh Ambani's Reliance Industries Ltd, the Financial Times
reported on Wednesday.
ADIA is in discussions to invest about $750 million at a valuation of roughly
$57 billion, while PIF could funnel as much as $1.5 billion into Reliance
Retail, the FT said, citing people familiar with the matter.
Abu Dhabi
investment firm Mubadala may also take a stake, according to the report.
ADIA and PIF
declined to comment, while Mubadala and Reliance Industries did not immediately
respond to requests for comment.
The discussions
come as Reliance earlier in the day said U.S. private equity firm Silver Lake
Partners will invest $1.02 billion in its retail business.
KKR & Co Inc
is in advanced talks to invest at least $1 billion in Reliance Retail,
Bloomberg reported on Wednesday.
Reliance has been
aggressively building its retail presence through acquisitions, moving beyond
its mainstay oil and gas business. The company has said it aims to attract
investors in Reliance Retail over the next few quarters.
The conglomerate
has raised a little more than $20 billion from global investors, including
Facebook Inc, by selling stakes in its Jio Platforms digital business.
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