Reliance Industries Limited (NSEI:RELIANCE) has initiated talks with global investors to raise as much as $3 billion in equity to fuel its ambitious plans for the renewable energy business, said two people directly aware of the matter. The discussions are at a preliminary stage, and the billionaire Mukesh Ambani-controlled refining-to-retail conglomerate has so far reached out to a select group of potential investors, including a large pension fund and a few sovereign wealth funds based in the Middle East, the people said requesting anonymity as the talks are private. "Like Jio platforms, this time too, the discussions are being led by Manoj Modi, a RIL veteran and long-time close associate of Chairman Mukesh Ambani," one of the two people said.

"The discussions are a precursor to a more formal round of talks where the valuation and structure of potential investments will be discussed," the second person said. "While the quantum of the initial fundraise has largely been decided, the final figure may change somewhat," the person added. Neither of the people mentioned above did not say how much equity Reliance Industries plans to sell in its renewable energy business.

A spokesperson for Reliance Industries did not respond to an emailed query until press time.