Qatar Investment Authority (QIA), considering a $1 billion investment
Qatar Investment Authority (QIA), Qatar's sovereign wealth fund, is in talks to buy a minority stake in Indian billionaire Mukesh Ambani's Reliance Retail Ventures, the Financial Times reported on Wednesday.
The fund is considering a $1 billion investment in the retail unit, giving it a stake of about 1% and valuing the business at around $100 billion, the FT said, citing three people with knowledge of the discussions.
The Qatari sovereign wealth fund had not yet approved the deal, which itself has not been finalised yet and might change.
In its recently released financial statement, Reliance said that its retail business recorded a quarterly revenue of Rs 69,948 crore, up 19.5 per cent YoY while EBITDA of Rs 5,139 crore was up 33.9 per cent YoY. It opened 555 stores in the quarter.
“I am delighted to share that our financial performance in the quarter has been resilient and aligned with our business goals. The sustained growth across consumption baskets has further consolidated our
position as a market leader. We continue to innovate and invest in our stores and digital platforms
to make shopping more engaging for our customers," said Isha M Ambani, Executive Director, RRVL.
This is a developing story