Qatar Investment Authority to invest Rs. 8,278 crore (US$ 998 million) in Reliance Retail Ventures, to get an equity stake of 0.99%
- IBEF
- August 24, 2023
Reliance Retail Ventures Limited (RRVL) announced that the Qatar Investment Authority (QIA) will invest Rs. 8,278 crore (US$ 998 million) in RRVL, a subsidiary of Reliance Industries Limited, through a wholly owned subsidiary. With this investment, RRVL is valued at Rs. 8.278 lakh crore (US$ 100.12 billion) in pre-money equity. On a fully diluted basis, QIA's investment will result in a 0.99% minority equity position in RRVL.
The previous fund-raise round by RRVL in 2020 from various global investors of an aggregate amount of Rs. 47,265 crore (US$ 5.71 billion) was done at a pre-money equity value of Rs. 4.21 lakh crore (US$ 50.92 billion).
“We are pleased to welcome QIA as an investor in Reliance Retail Ventures Limited,” said Ms. Isha Mukesh Ambani, Director of Reliance Retail Ventures Limited. The investment made by QIA is a resounding affirmation of the Indian economy's prospects as well as Reliance's retail business model, strategy, and execution skills.
According to Mr. Mansoor Ebrahim Al-Mahmoud, Chief Executive Officer (CEO), QIA, in India's rapidly expanding retail market, QIA is devoted to assisting innovative businesses with significant potential for growth.
With an integrated omnichannel network of more than 18,500 stores and digital commerce platforms covering the grocery, consumer electronics, fashion & lifestyle, and pharmaceutical consumption baskets, RRVL, through its subsidiaries and associates, operates India's largest, fastest-growing, and most profitable retail business.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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