The sovereign wealth fund is investing $1.3 billion in Reliance Retail for a 2.04% equity stake in the largest retail chain in India. The investment values Reliance Retail, which was founded in 2006, at $62.4 billion, the Indian firm said.
Reliance Retail, which serves more than 3.5 million customers each week (as of early this year) through its nearly 10,000 physical stores in more than 6,500 cities and towns in the country, has now raised over 6.4 billion since September this year.
Ambani (pictured above), who raised more than $20 billion for Jio Platforms this year from a roster of marquee investors including Facebook and Google, is expected to raise another few billion dollars for Reliance Retail by the end of the year. One of the companies that is widely expected to invest in Reliance Retail is Amazon, which has poured in over $6.5 billion in its India business to date