Ambani's Reliance Retail in talks to raise $2.5B by this month's end: Report

Mukesh Ambani-led Reliance Industries-owned Reliance Retail is reportedly in talks to raise another $2.5 billion or Rs 20,680 crore in funding from global investors by the end of September 2023.

According to a Reuters report, the company is engaging with global investors to raise $2.5 billion, which is part of a combined $3.5 billion target fund. The first $1 billion came from Qatar Investment Authority (QIA) last month. The company, however, declined to comment but added, "Our company evaluates various opportunities on an ongoing basis," as quoted by Reuters.

The development comes almost two weeks after Qatar Investment Authority announced that it will acquire a 0.99% stake for $1 billion in Reliance Retail, valuing the company at $100 billion.

Back in 2020, prominent investment firms such as KKR, the Saudi Public Investment Fund, General Atlantic, and the United Arab Emirates' Mubadala collectively acquired a 10.09% stake in Reliance Retail for $5.71 billion. At that time, the company's valuation stood at approximately $52 billion, a figure that has nearly doubled since then.

Last week, It was reported Reliance Industries is looking to sell another 8-10% stake in Reliance Retail Ventures Limited (RRVL). The report further added that the stake sale would be completed in several tranches over a period of 12-15 months and would help the company to further expand its presence, pay the debt, and prepare for the public listing.

Reliance Retail operates India’s largest retail business with a network of over 18,500 stores and digital commerce platforms across grocery, consumer electronics, fashion and lifestyle, and pharma. 

($1 = INR 82.72)

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