In October 2020, the firm paid $751 million for a 1.2% interest in Reliance Retail Ventures.
According to the Economic Times, which cited reliable sources, Abu Dhabi Investment Authority (ADIA) intends to invest $600 million in Indian billionaire Mukesh Ambani’s Reliance Retail Ventures Limited (RRVL).
The investment will be made at valuations that are about 60% higher than in the previous round, which was made three years ago.
When the Bombay Stock Exchange-listed conglomerate raised $5.71 billion by selling a 10.09% stake in RRVL to a group of investors that included Saudi Arabia’s Public Investment Fund, the UAE’s Mubadala, and Singapore’s GIC in October 2020, the Abu Dhabi sovereign fund bought a 1.2% stake for $751 million in RIL’s retail subsidiary.
The publication quoted an official who spoke on the record under the condition of anonymity as saying, The strong political ties between the two sovereigns help to further strengthen the strategic ties between the two enterprises.
“ADIA is a significant investor in Indian equities, infrastructure, and financial services, but it seldom doubles down, especially at such premium valuations,” the insider claimed.
RIL announced earlier this month that Qatar Investment Authority had paid $994.70 million for about 1% of its retail business.
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