THE WHAT? The Abu Dhabi Investment Authority (ADIA) has upped its stake in Reliance Retail. The UAE-based firm will purchase an additional 0.6 percent in Ambani’s empire, for ₹49.7 billion.

THE DETAILS Bloomberg reports that the deal values Reliance Retail at ₹8.38 trillion and is ADIA’s third investment in Reliance since 2020. Other investors include KKR and Qatar Investment Authority.

THE WHY? Reliance Retail has been steadily beefing up its portfolio in a bid to rival the likes of Amazon and Walmart. Owner Mukesh Ambani told shareholders in August that the company was seeking further international investment, per Bloomberg.