Reliance Retail is reportedly in discussions with existing investors, including sovereign wealth funds from Singapore, Abu Dhabi, and Saudi Arabia for raising approximately $1.5 billion, news agency Reuters reported citing sources familiar with the matter. The development comes as Reliance Retail aims to secure $3.5 billion in funding by the end of September, an internal target previously reported by Reuters. Qatar Investment Authority (QIA) had already committed $1 billion last month, and KKR & Co recently announced a $250 million investment.

Sources indicate that Singapore’s GIC, the Abu Dhabi Investment Authority (ADIA), and Saudi Arabia’s Public Investment Fund (PIF) are considering investments of at least $500 million each in Reliance Retail, valuing the company at $100 billion. However, the final investment figures may vary, with discussions ongoing with additional potential investors.

While GIC and ADIA declined to comment on the matter, PIF did not respond to Reuters’ requests for comment. Reliance Retail issued a statement, stating, “We do not comment on media speculation and rumors.”

One source mentioned that some of the three investors may opt for investments below the $500 million mark. As talks continue, Reliance Retail remains in discussions with at least one or two additional investors for its fundraising efforts.

The details of these investments and funding plans could undergo further adjustments before reaching a final agreement.

(With Reuters Inputs)