Reliance Retail Ventures, a unit of Reliance Industries controlled by Indian billionaire Mukesh Ambani, will receive an investment of 82.7 billion rupees ($1 billion) from the Qatar Investment Authority.
According to a release from QIA on Wednesday, the investment will be converted into a 0.99{dec8eed80f8408bfe0c8cb968907362b371b4140b1eb4f4e531a2b1c1a9556e5} stake in unlisted Reliance Retail on a fully diluted basis, giving the Indian company a valuation of almost $100 billion.
“QIA is committed to supporting innovative companies with high-growth potential in India’s fast-growing retail market,” Mansoor Ebrahim Al-Mahmoud, CEO of QIA, said in a statement.
Reliance Retail Ventures says it operates India’s largest retail network, and at the end of March had 18,040 stores in more than 7,000 cities with a total retail area of 65.6 million square feet. The company reported revenue of 2.6 trillion rupee ($31.7 billion) for the financial year that ended in March, a 30{dec8eed80f8408bfe0c8cb968907362b371b4140b1eb4f4e531a2b1c1a9556e5} increase from the previous year.
In a statement, Reliance Retail director Isha Mukesh Ambani said “We look forward to benefitting from QIA’s global experience and strong track record of value creation as we further develop Reliance Retail Ventures into a world-class institution, driving transformation of the Indian retail sector.”
Some media have speculated that Mukesh Ambani intends to list Reliance Retail, but the company hasn’t yet made any announcement on that subject. Earlier this month, Ambani listed the group’s de-merged financial business arm, Jio Financial Services.
Ambani was ranked No. 2 on the list of India’s 100 Richest that was released by Forbes Asia in October 2022. He chairs and manages Reliance Industries, which had revenue of $110 billion in the 2022-23 financial year. In addition to retail, the group has interests in oil and gas, petrochemicals, and telecommunications.
Led by billionaire Mukesh Ambani’s daughter Isha Ambani, Reliance Retail Ventures houses retail operations, including international partnerships and consumer goods business. Reliance Retail control’s India’s luxury retail market, representing or operating joint ventures with the majority of the major international brand which are present in India.
Through various entities, Qatar fully owns Harrods, Valentino, Balmain, Pal Zileri and Turkish luxury retailer Beymen.
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