Mukesh Ambani has attracted $4.4 billion investments in his retail arm since September 9. RIL's pivot towards consumer businesses like telecom, tech and retail are a bet on consumer spending recovering very soon.
Reliance Industries Ltd (RIL) Chairman Mukesh Ambani is continuing to rake in the megabucks from the biggest and most respected global investors. Even as the ink is still drying on his deals to sell a 30 per cent stake in Jio Platforms, RIL's telecom and technology vehicle, he has embarked on another deal making spree, this time in Reliance Retail, India's largest retailer, which has a presence both in the physical as well as the cyber world. Over the last three weeks and a bit, i.e., since September 9, Ambani, Asia's richest man and the world's fourth richest, has sold a 7.28 per cent stake in his retail venture to a clutch of deep pocketed and hard-nosed foreign investors for $4.4 billion. The market is rife with talk that he plans to sell up to 15 per cent stake in Reliance Retail to raise about $8-9 billion.
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