Mubasher: Middle East sovereign wealth funds, including the Abu Dhabi Investment Authority (ADIA) and Saudi Arabia’s Public Investment Fund (PIF) are holding talks to acquire stakes in Reliance Retail, a subsidiary of Indian billionaire Mukesh Ambani’s Reliance Industries, according to the Financial Times. 

 Reliance Industries, an oil-to-telecoms conglomerate, is planning to raise $5.7 billion by selling shares in Reliance Retail.

ADIA is in talks about an investment of $750 million at a valuation of roughly $57 billion, while the PIF would invest up to $1.5 billion in Reliance Retail, sources referred.

Abu Dhabi investment firm Mubadala may also buy a stake in the company.

These announcements came after Ambani had secured $20 billion in investments for his digital business Jio Platforms from 13 global investors.

It is noteworthy to mention that in June, Mubadala purchased a $1.2 billion stake in the Indian digital company, Jio Platforms, controlled by Ambani.