Home GCC Qatar Qatar to invest $1bn in Mukesh Ambani’s Reliance Retail Reliance Retail is India’s largest retail house with 26 brands that range from grocery, consumer electronics, fashion to pharma by Gulf Business August 24, 2023 Image credit: Getty Images Qatar’s sovereign wealth fund, the Qatar Investment Authority (QIA) will pour in $1bn for a one per cent stake in Indian billionaire Mukesh Ambani’s Reliance Retail Ventures, according to a report by Bloomberg. The cost of acquisition puts the valuation of Reliance Retail at $100bn – nearly double from its last funding round in 2020. It has previously raised about $5.72bn from investors, such as the Saudi Public Investment Fund and the UAE’s Mubadala in 2020. Mansoor Ebrahim Al-Mahmoud, CEO, QIA, said that he was committed to supporting innovative companies with high-growth potential in India’s fast-growing retail market. “We are looking forward to Reliance Retail Ventures, with its strong vision and impressive growth trajectory, joining our growing and diverse portfolio of investments in India.” Reliance Retail’s brand expansion Reliance Retail has under its umbrella, the group’s consumer goods business and international partnerships operations. The retail arm is headed by Ambani’s daughter Isha. She has recently partnered with global brands such as 7-Eleven, Pret A Manger, and Tiffany to launch their business in India. View this post on Instagram A post shared by Reliance Retail (@lifeatrelianceretail) Isha Ambani, the director of the company said her company was looking forward to benefitting from QIA’s global experience and strong track record of value creation, as RIL further develops its retail arm into a world-class institution, driving the transformation of the Indian retail sector. The RIL subsidiary, has since its inception in 2006, grown to become India’s largest retail house. It currently has 26 retail brands that range from grocery, consumer electronics, and fashion to pharma. It reported 249 million registered customers across all its formats. It recorded more than 780 million footfalls across all its stores in the financial year ending 2023. It said, “With nearly 3 million daily transactions, Reliance Retail operates at a scale unparalleled in the Indian retail industry and continues to enrich the quality of lives of millions of Indians every day.” Tags 7-Eleven Pret A Manger Reliance Retail Tiffany 0 Comments You might also like Pret A Manger expands in Middle East, opens first shop in Kuwait LVMH revives biggest luxury deal by settling Tiffany dispute