MUMBAI: Reliance Retail is in talks with existing investors including the sovereign wealth funds of Singapore, Abu Dhabi and Saudi Arabia for combined new investments of around $1.5 billion, as per a Reuters report citing three sources with direct knowledge of the plan.

Reliance Retail is India’s largest retailer and is led by Asia’s richest person Mukesh Ambani.

The talks with investors are part of an internal target to raise $3.5 billion which the company wants to close by the end September, it was reported.

Of that, QIA last month announced a $1 billion investment and KKR & Co this week $250 million.

Singapore’s GIC, the Abu Dhabi Investment Authority and Saudi Arabia’s Public Investment Fund are looking to invest at least $500 million each in Reliance Retail at a valuation of $100 bn, a source said.