India's Reliance Retail to raise $598 mln from ADIA

BENGALURU, Oct 6 (Reuters) - Indian billionaire Mukesh Ambanis Reliance Retail Ventures said on Friday Abu Dhabi Investment Authority would invest 49.67 billion rupees ($597.58 million) in the company at a valuation of $100.8 billion.

The investment by ADIA will translate into a stake of 0.59% in the company, the retail unit of oil-to-retail conglomerate Reliance Industries (RELI.NS) said in a regulatory filing.

Reliance Retail, which has more than 18,000 stores and competes with Amazon (AMZN.O) and Walmarts (WMT.N) Flipkart, has attracted investments from private equity firm KKR & Co

Reuters had reported last month that Reliance was in advanced talks with global investors to raise around $2.5 billion ahead of a potential stock market listing.

($1 = 83.1190 Indian rupees)

Reporting by Chris Thomas in Bengaluru; Editing by Maju Samuel

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