On Wednesday, Reliance Industries announced that Qatar Investment Authority (QIA), through a wholly-owned subsidiary, will invest Rs 8,278 crore into its retail arm Reliance Retail Ventures Limited (RRVL).
“This investment values RRVL at a pre-money equity value of Rs 8.278 lakh crore,” Reliance Industries said in a regulatory filing.
“QIA’s investment will translate into a minority equity stake of 0.99% in RRVL on a fully-diluted basis,” it added.
“We are delighted to welcome QIA as an investor in Reliance Retail Ventures Ltd. We look forward to benefitting from QIA’s global experience and strong track record of value creation as we further develop Reliance Retail Ventures Limited into a world class institution, driving transformation of the Indian retail sector. The investment by QIA is a strong endorsement of a positive outlook towards Indian economy and Reliance’s retail business model, strategy and execution capabilities,” RRVL Director Isha Mukesh Ambani said.
QIA CEO Mansoor Ebrahim Al-Mahmoud said, “QIA is committed to supporting innovative companies with high-growth potential in India’s fast growing retail market. We are looking forward to Reliance Retail Ventures Limited, with its strong vision and impressive growth trajectory, joining our growing and diverse portfolio of investments in India.”
RRVL, through its subsidiaries and associates, operates India’s largest, retail business with an integrated omni-channel network of over 18,500 stores.
