Building an empire: Reliance joins top league of PE players with bold bets

Spends $5.7 bn on stakes and acquisitions in four years; $9 bn if Future deal cleared

Reliance has spent $5.7 billion on acquisitions and investments across various sectors over the past four years, the latest being its acquisition last week of a majority stake in the luxury hotel Mandarin Oriental in New York for $98.2 million and a 25.8 per cent stake in Dunzo, a hyperlocal delivery platform, for $200 million.

Its investments would have hit $9 billion if its deal to acquire Future Group’s retail business, which is mired in a legal battle for control with Amazon, had been cleared.

Notwithstanding the setback over Future, Reliance is rubbing shoulders with the largest global private equity