Mukesh Ambani's Reliance Retail in talks to raise $2.5 billion: Report
NEW DELHI/SYDNEY : Indian billionaire Mukesh Ambani's Reliance Retail Ventures is in advanced talks with global investors to raise around $2.5 billion by the end of September, ahead of a potential stock market listing, people familiar with the matter told Reuters. Three sources said the target fund raise of $2.5 billion is part of a combined $3.5 billion target the firm has set for itself, a part of which - $1 billion - came from Qatar Investment Authority (QIA) and was announced last month.
In an emailed statement, Reliance said "As a policy, we do not comment on media speculation and rumours.", but added "Our company evaluates various opportunities on an ongoing basis." Reliance last month said it raised $1 billion from QIA at a $100 billion valuation for India's biggest retailer whose operations stretch from selling groceries to electronics, and include foreign partnerships with brands like Burberry and Pret A Manger. Morgan Stanley is advising Reliance on the process, said two sources with direct knowledge.
Morgan Stanley did not respond to a request for comment. All the three sources declined to name potential investors.
But the first source said Reliance was talking to at least two U.S.-based investors, while the other two sources said there was growing interest from existing foreign investors of Reliance, including some sovereign wealth funds. The investment, if it materializes, will bolster India's status as a rare bright spot for Western private investors who are shying away from new investments in China due to the country's worsening economic outlook and geopolitical tensions.
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