Qatar’s sovereign wealth fund, Qatar Investment Authority (QIA), is reportedly in talks to acquire a minority stake in the retail venture of India’s Reliance Group.
QIA’s investment will be likely to the tune of $1 billion, amounting to a stake of 1 percent, Financial Times reported.
Mukesh Ambani’s Reliance Retail
This values the business Reliance Retail Ventures, a subsidiary of Reliance Industries, at $100 billion.
The FT report, citing unnamed sources, however, said the agreement on the Qatari fund’s investment is yet to be finalised, and the deal is subject to change.
Earlier Saudi Arabia’s Public Investment Fund invested $1.3 billion in Reliance Retail in 2020 for a stake of 2.04 percent.
KKR and two Abu Dhabi sovereign investment funds also are among the Reliance company’s shareholders.
Reliance Retail, led by Mukesh Ambani’s daughter Isha Ambani, is fast expanding its consumer businesses from luxury fashion to groceries, and recently acquired a host of brands to expand its offerings.
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