wholly owned subsidiary of the Abu Dhabi Investment Authority (Adia) has decided to invest ₹55.1bn ($750m) into Reliance Industries Limited’s (RIL) Reliance Retail Ventures Limited (RRVL). 

ADIA will own a 1.2% equity stake in RRVL on a fully diluted basis with this investment. 

In less than four weeks, RRVL has raised ₹377.1bn ($5.1bn) rupees from various global investors including Silver Lake, KKR, General Atlantic, Mubadala, GIC, TPG and ADIA. 

Reliance Industries chairman and managing director Mukesh Ambani said: “We are delighted with ADIA’s current investment and continued support and hope to benefit from its strong track record of over four decades of value creation globally.

“The investment by ADIA is a further endorsement of Reliance Retail’s performance and potential and the inclusive and transformational New Commerce business model that it is rolling out.” 

For ADIA, the investment is in line with the company’s strategy to invest in market-leading businesses in Asia. 

RRVL subsidiary Reliance Retail runs nearly 12,000 stores in India with 640 million footfalls. 

It operates supermarkets, consumer electronics chain, wholesale cash-and-carry stores and fast-fashion outlets. 

In May, RIL launched its online grocery platform JioMart across 200 cities. 

The completion of the deal is subject to regulatory and other customary approvals. 

Investment bank and financial services company Morgan Stanley serves as financial advisor to Reliance Retail.