Qatar's sovereign wealth fund is in talks to buy a stake in the retail arm of Mukesh Ambani led-Reliance Industries for $1 billion (₹8,199 crore).
The Qatar Investment Authority (QIA) would acquire around 1 per cent stake in Reliance Retail Ventures Ltd (RRVL), valuing the business at around $100 billion, industry sources said.
The move would help RRVL, which is the holding company of the retail empire of Reliance Industries, to expedite its expansion further.
When contacted, a Reliance Retail spokesperson told PTI:" The company evaluates various opportunities on an ongoing basis. As a principle, we do not comment on market speculations and rumours." Earlier this month, a news report said two global consultants appointed by the company had valued RRVL between $92-96 billion.
RRVL is aggressively expanding its business here by acquiring the companies and getting the franchise rights of leading international brands for the Indian market.
Earlier this month, Reliance Retail had said it was reducing the equity share capital to the extent held by shareholders other than its promoter and holding company.
Its board had on July 4, 2023, approved a proposal in which shares held by such shareholders shall stand cancelled and extinguished as per the capital reduction plan.
In 2020, RRVL had raised ₹47,265 crore (around $6.4 billion) from global private equity funds for a 10.09 per cent stake, valuing the company at more than ₹4.2 lakh crore.
This was the largest fundraising exercise in the sector at that time.
The company had raised funds from Silver Lake, KKR, Mubadala, Abu Dhabi Investment Authority, GIC, TPG, General Atlantic and Saudi Arabia's Public Investment Fund at a valuation of around $57 billion at that time.
