REUTERS/Amit Dave/File Photo Acquire Licensing RightsBENGALURU, Oct 6 (Reuters) - Billionaire Mukesh Ambani's Reliance Retail Ventures said on Friday it would raise 49.67 billion rupees ($598 million) from the Abu Dhabi Investment Authority, in the latest bet on India's largest retailer ahead of a potential stock market listing.
"Reliance Retail has demonstrated strong growth and adaptability in a market that is evolving at an unprecedented pace," said Hamad Shahwan Aldhaheri, executive director of the private equities department at ADIA.
The investment comes as Reliance set an internal target to raise $3.5 billion.
ADIA and Singapore's GIC had invested $664 million each into the retail unit in 2020 as Reliance sold a 10.09% stake at a valuation of 4.68 trillion rupees.
Morgan Stanley acted as financial adviser to Reliance Retail Ventures for the ADIA deal.
Persons:
Amit Dave, Mukesh, Hamad Shahwan Aldhaheri, Singapore's GIC, Ambani, Morgan Stanley, Chris Thomas, Maju Samuel
Organizations:
Reliance Industries, REUTERS, Rights, Retail Ventures, Abu Dhabi Investment Authority, ADIA, Reliance, KKR, Qatar Investment Authority, Reuters, Saudi Arabia's Public Investment Fund, Reliance Retail Ventures, Thomson
Locations:
Ahmedabad, India, Abu Dhabi, ADIA, Singapore, Saudi Arabia, Bengaluru