A report by the Financial Times on 26 July 2023, mentioned that Qatar’s sovereign wealth fund Qatar Investment Authority (QIA) is in talks to buy a stake in Indian billionaire businessman Mukesh Ambani’s retail unit Reliance Retail Ventures.
As per the report, it is considering a minority stake in Reliance Retail Ventures, as per three people with knowledge of the discussions. One of them said the fund is considering a $1bn investment giving it a stake of about 1% and valuing the business at around $100bn.
The report also mentioned that the people, who asked not to be named as the deal is private, mentioned that the agreement has yet to be finalised and is subject to change. QIA has not approved the deal yet.
Reliance's retail wing is led by Ambani’s daughter Isha. As per the report, analysts at AllianceBernstein estimated in May 2023 that Reliance Retail was worth as much as $131bn, a valuation that would give QIA a 0.7 per cent stake for a $1bn investment.
Ambit Capital recently estimated it at $57bn, and JM Financial at $100bn, the report said.
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Source: Financial Times
Cover image credit: Shutterstock
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