Middle East sovereign wealth funds, including the Abu Dhabi Investment Authority (ADIA) and the Saudi Public Investment Fund (PIF), are in talks to buy stakes in the retail arm of Reliance Industries, owned by Indian billionaire Mukesh Ambani, according to the Financial Times.

The Abu Dhabi Investment Authority’s discussions aim to invest about $ 750 million when assessing about $ 57 billion, while the Public Investment Fund may pump $ 1.5 billion, according to sources familiar with the matter. Abu Dhabi’s Mubadala Investment Company may get a stake as well, according to the newspaper.

The discussions come as Reliance reported that US private equity firm Silver Lake Partners will invest $ 1.02 billion in its retail activities.
Reliance is aggressively building its retail presence through acquisitions, moving beyond the oil and gas business.

The company stated that it aims to attract retail investors in Reliance during the next few quarters. The group raised just over $ 20 billion from global investors, including Facebook, by selling stakes in Geo Platforms.
On the other hand, Bloomberg said, citing an informed source, that Reliance Industries is offering to sell a 40 percent stake in its retail arm, about $ 20 billion, to Amazon.co