Middle East sovereign wealth funds are in talks to buy stakes in Reliance Industries, the retail arm of Indian billionaire Mukesh Ambani, including the Abu Dhabi Investment Authority (ADIA) and the Saudi Public Investment Fund (PIF).
According to Arabiya Net, the discussions of the Abu Dhabi Investment Authority are targeting an investment of about $ 750 million upon an assessment of about $ 57 billion, while the Public Investment Fund may pump $ 1.5 billion According to sources familiar with the matter.
Abu Dhabi’s Mubadala Investment Company could take a stake as well, according to the Financial Times.
The Abu Dhabi Investment Authority and the Public Investment Fund declined to comment, while Mubadala declined and Reliance Industries did not immediately respond to requests for comment.
The discussions come as Reliance said US private equity firm Silver Lake Partners will invest $ 1.02 billion in its retail activities.
Reliance is aggressively building its retail presence through acquisitions, moving beyond the oil and gas business.
the company says it aims to attract retail investors in Reliance within the next few quarters.
The group raised just over $ 20 billion from global investors, including Facebook, by selling stakes in the Geo Platforms.
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