Abu Dhabi Investment Authority agreed to buy an additional stake in Indian billionaire Mukesh Ambani’s rapidly expanding retail unit for 49.7 billion rupees ($597 million).
ADIA will acquire a 0.6% stake in closely-held Reliance Retail Ventures Ltd, according to an exchange filing late Friday from parent Reliance Industries Ltd. The transaction values India’s largest retailer at pre-money equity value of 8.38 trillion rupees, the filing said.
The United Arab Emirates-based firm had invested $750 million in Reliance Retail in October 2020 and another $507 million the same month in the conglomerate’s fiber-optic assets.
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