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.