Reliance Industries recently suggested that several marquee global strategic and financial investors had expressed strong interest in Reliance Retail and that it would provide details in due course. 
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Reliance Industries recently suggested that several marquee global strategic and financial investors had expressed strong interest in Reliance Retail and that it would provide details in due course. Shares of Reliance Industries Ltd (RIL) will be in focus on Thursday amid a report suggesting retail arm Reliance Retail is in talks with existing investors including the sovereign wealth funds of Singapore, Abu Dhabi and Saudi Arabia for combined new investments of around $1.5 billion. Quoting three sources with direct knowledge of the plan, a Reuters report said talks with investors are part of an internal target to raise $3.5 billion, which the company wants to close by the end September.
To recall, Reliance Industries recently suggested that several marquee global strategic and financial investors had expressed strong interest in Reliance Retail and that it would provide details in due course. Reliance Industries this week said global investment firm KKR, through an affiliate, will invest Rs 2,070 crore into RRVL and increase its stake to 1.42 per cent. The investment valued RRVL at a pre-money equity value of Rs 8.36 lakh crore, which makes it among the top four companies by equity value in the country.
Before that, Qatar Investment Authority, through a wholly-owned subsidiary, invested Rs 8,278 crore into the RIL arm. That investment valued RRVL at a pre-money equity value of Rs 8.278 lakh crore. QIA’s investment translated into a minority equity stake of 0.99 per cent in RRVL on a fully-diluted basis.
In the case of the fresh buzz, a source told Reuters that said some of the three investors could end up putting in less than $500 million, and talks were also on with at least one or two further investors for the fund raising. "All the three investors have evaluated the company quite seriously," said the first of the three sources, all of whom declined to be named as the discussions are private.
The final investments or funding plans could still change.
Singapore's GIC, the Abu Dhabi Investment Authority (ADIA) and Saudi Arabia's Public Investment Fund (PIF) are looking to invest at least $500 million each in Reliance Retail at a valuation of $100 billion, one of the sources told Reuters.
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