Qatar to take 1pc stake in Ambani’s retail firm
Qatar Investment Authority (QIA) will invest $1 billion for a one per cent stake in India’s Reliance Retail Ventures, the retail arm of billionaire Mukesh Ambani’s Reliance Industries, nearly doubling its valuation to $100bn from its last funding round in 2020. Reliance Retail, India’s largest retailer, has been partnering with a slew of global brands like Burberry, Pret A Manger and Tiffany to launch and expand their presence in India. It last raised about 472.65bn rupees ($5.72bn) from more than half a dozen investors, including KKR and General Atlantic, the Saudi Public Investment Fund and the UAE’s Mubadala in 2020. Led by billionaire Mukesh Ambani’s daughter Isha Ambani, Reliance Retail Ventures houses retail operations, including international partnerships and consumer goods business. Its core retail businesses include e-commerce operations and hundreds of outlets that retail electronics, clothing and food products.