Mukesh Ambani eyes Rs 25000-40000 crore in new move, Reliance Retail files proposal for…

Asia’s richest man Mukesh Ambani founded Reliance Retail is looking to raise up to Rs 40000 crore through an Infrastructure Investment Trust (InvIT). The firm filed an InvIT proposal with market regulator SEBI on Friday, according to a report from India Retailing. 

The Reliance Retail InvIT will initially raise around Rs 400 crore in the next two months, the report said citing people aware of the matter. The first round of funding will establish the trust. 

The news follows up on reports from April this year that Mukesh Ambani's flagship company Reliance Industries Limited was gearing up to monetise retail warehousing assets with a $2.4-3 billion InvIT.

The source further revealed that the InvIT will eventually raise funds to the tune of Rs 25000-40000 crore which will only likely happen by Q4. 

Recently, it was reported that Reliance Retail was valued at a massive $112 billion by brokerage firm Bernstein, surpassing other key Ambani firms. The retail arm of Reliance has been expanding heavily in the offline segment in the recent months.