Mumbai, October 6: Reliance Retail Ventures Limited (RRVL), the retail arm of Mukesh Ambani-led Reliance Industries Limited (RIL), received an additional investment of Rs 5,512.50 crore on Tuesday. The funding comes from the reputed Abu Dhabi Investment Authority (ADIA), which has bought 1.2 percent stake in RRVL. Mukesh Ambani's Reliance Puts Carlyle and SoftBank on Waiting List for Acquisition of Stake in Retail Business.

The investment from ADIA comes a week after another Abu Dhabi-based entity, Mubadala, picked up 1.4 percent stake in RIL's retail arm for Rs 6,247.5 crore. The venture has so far received investments from an array of global companies, including Silver Lake, KKR, General Atlantic, Mubadala, GIC, TPG and ADIA in less than four weeks.

Confirming the deal with ADIA, RIL chief Mukesh Ambani issued a statement on Tuesday. He described their partnership as a validation of the company's potential and the strong track record which Reliance holds.

"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," Ambani said in a statement.

Similar views were expressed by Hamad Shahwan Al Dhaheri, Executive Director of the Private Equities Department at ADIA. "Reliance Retail has rapidly established itself as one of the leading retail businesses in India and, by leveraging both its physical and digital supply chains, is strongly positioned for further growth," he said.

(The above story first appeared on LatestLY on Oct 06, 2020 07:35 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).