Abu Dhabi Investment Authority (ADIA) is reportedly seeking an additional stake in Indian conglomerate Reliance Group’s retail arm Reliance Retail Ventures (RRVL).
ADIA is eyeing a $600 million worth stake in the Mukesh Ambani retail company, the Economic Times (ET) reported.
ET said ADIA and RRVL declined to comment on the issue.
The Abu Dhabi fund currently owns a 1.2 percent stake in RRVL which it acquired with an investment of about $750 million. The investment was made in 2020.
Reliance Retail Venture’s current valuation is about 60 percent higher than the last round, but lower than Street estimated value of $131 billion, the ET report said.
Last month, a wholly-owned subsidiary of Qatar Investment Authority invested close to $1 billion in RRVL for a minority stake of 0.99 percent.
ADIA’s reported talks for investments comes weeks after earlier media reports suggested that Reliance Retail was in talks with existing investors such as the sovereign wealth funds of Saudi Arabia, Abu Dhabi, and Singapore for combined fresh investments of $1.5 billion.
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