According to a report in the Financial Times on Wednesday, Middle Eastern sovereign wealth funds including the Abu Dhabi Investment Authority (ADIA) and Saudi Arabia’s Public Investment Fund (PIF) are discussing the purchase of Indian billionaire Mukesh Ambani (Mukesh Ambani). Ambani) retail business shares.
ADIA is discussing an investment of approximately US$750 million (approximately Rs 5,507 crore) and a valuation of approximately US$57 billion (approximately Rs 418,838 crore), and PIF may inject US$1.5 billion (approximately Rs 1,102 crore) into it ). The British “Financial Times” quoted people familiar with the matter as saying.
According to the report, Mubadala, Abu Dhabi Investment Company, may also hold shares.
ADIA and PIF declined to comment, while Mubadala and Reliance did not immediately respond to requests for comment.
The discussion came the day before Reliance stated that the US private equity firm Silver Lake would invest US$1.02 billion (approximately Rs 7,491 crore) in its retail business.
Bloomberg reported on Wednesday that KKR is in advanced negotiations to invest at least US$1 billion (approximately Rs 7,346 crore) in Reliance Retail.
Reliance has been actively expanding its retail business through acquisitions, surpassing the main oil and gas business. The company said its goal is to attract investors from Reliance Retail in the next few quarters.
The group raised more than US$20 billion (approximately Rs 146,930 crore) from global investors including Facebook by selling shares in its Jio Platforms digital business.
© Thomson Reuters 2020
Does Android One hinder Nokia’s smartphones in India? We discussed this on the weekly technical podcast Orbital, you can subscribe via Apple Podcast, Google Podcast or RSS, download the episode, or click the play button below.