Abu Dhabi Investment Authority (ADIA) is reportedly looking to invest $600 million into Mukesh Ambani’s sprawling retail empire, Reliance Retail Ventures (RRVL), at valuations that exceed the previous round three years ago. Earlier, ADIA already bought a 1.2% stake in RRVL for $751 million in October 2020. In the current round, Qatar has been the only other investor so far. The current valuation is approximately 60% higher than the previous one, but still falls short of the market perception of RRVL’s value. Despite this, an official stated that ADIA is willing to invest at such premium valuations due to the strong strategic relationship between the two. Reliance Industries itself valued RRVL at $148 billion in July 2021. ADIA’s potential investment is seen as a benchmark for RRVL’s eventual listing. Reliance Retail registered a 30% year-on-year growth in revenue in FY23 and aims to expand its footprint to 100 million square feet in the next 3-5 years.