Ambani seeks retail funds

Growth directions: Ambani (middle) attending a mobile congress in New Delhi. The tycoon has identified technology and retail as future growth areas in a pivot away from the energy businesses. — AFP

MUMBAI: After raising more than US$20bil 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.