Qatar's QIA to invest $1 billion in India’s Reliance Retail Ventures
Reliance Retail has previously raised about Rs472.6 billion from various global investors
Mumbai: Qatar Investment Authority will invest Rs82.78 billion rupees ($1 billion) for about 1 per cent stake in Reliance Retail Ventures, the retail arm of India's Reliance Industries valuing the company at $100 billion, the companies said on Wednesday.
The $445 billion sovereign wealth fund's investment comes after Reliance Retail Ventures previously raised about Rs472.65 billion from more than half a dozen investors, including KKR and General Atlantic, the Saudi Public Investment Fund and the UAE's Mubadala in a funding round in 2020.
Headed by billionaire Mukesh Ambani's daughter Isha Ambani, Reliance Retail Ventures houses retail operations, including international partnerships and consumer goods business.
Its core retail businesses include digital and brick-and-mortar stores.
Reliance Retail, a unit of Reliance Retail Ventures, was recently valued at $92 billion to $96 billion by two global consultants, a move that could signal an eventual initial public offering of the company.
Reliance Retail is India's largest retailer and has been partnering with a slew of global brands to launch and expand their presence in India.