Qatar sovereign fund looking to pick stake in Ambani's Reliance Retail: Report
Qatar Investment Authority (QIA) is looking to get a minority stake in Indian billionaire Mukesh Ambani's Reliance Retail Ventures, the Financial Times reported on Wednesday, citing sources. The QIA may consider picking a minority stake in RRVL, the FT report said, with a $1 billion investment giving it a stake of about 1 per cent and valuing the business at around $100 billion.
FT's report has not been verified by ET independently. In its recently released financial statement, Reliance said that its retail business recorded a quarterly revenue of Rs 69,948 crore, up 19.5 per cent YoY while EBITDA of Rs 5,139 crore was up 33.9 per cent YoY.
It opened 555 stores in the quarter. “I am delighted to share that our financial performance in the quarter has been resilient and aligned with our business goals.
The sustained growth across consumption baskets has further consolidated our position as a market leader. We continue to innovate and invest in our stores and digital platforms to make shopping more engaging for our customers," said Isha M Ambani, Executive Director, RRVL.
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