Deals
After $20 Billion Jio Frenzy, Ambani Seeks Money for Retail
- Reliance Retail to bring in global partners in coming quarters
- Indian tycoon lays out vision to shareholders at annual meet
A pedestrian crosses a road as an advertisement for Jio Platforms Ltd. is displayed at Marine Drive in Mumbai.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
After raising more than $20 billion for his digital venture in three months, billionaire Mukesh Ambani is readying his retail unit for global partners, as his oil-to-petrochemicals conglomerate turns to India’s billion-plus consumers for growth.
Asia’s richest man and the chairman of Reliance Industries Ltd. told shareholders Wednesday that Reliance Retail Ltd. is getting inquiries from investors and may start bringing some on board in the coming months. The legacy petrochemicals business is also getting attention from potential investors even though a proposed stake sale to Aramco isn’t proceeding as planned, he said.