The Qatar Investment Authority (QIA) has announced an investment of ₹8,278 crores into Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Limited (Reliance Industries).
The strategic investment will secure QIA a minority equity stake of 0.99% in RRVL, marking a significant financial infusion into India's largest retail giant, read a post on the official website of Qatar Investment Authority (QIA).
Reliance Retail Ventures Limited, through its various subsidiaries and associates, currently operates India's most extensive and rapidly expanding retail empire.
With a network comprising over 18,500 brick-and-mortar stores and digital commerce platforms spanning groceries, consumer electronics, fashion and lifestyle, and pharmaceuticals, RRVL holds a preeminent position in the Indian retail landscape.
Isha Mukesh Ambani, director, Reliance Retail Ventures Limited, expressed her enthusiasm about this partnership, saying, "We are delighted to welcome QIA as an investor in Reliance Retail Ventures Limited. We look forward to benefiting 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 in the Indian retail sector."
“The investment by QIA is a strong endorsement of a positive outlook towards the Indian economy and Reliance's retail business model, strategy, and execution capabilities," she added.
Mansoor Ebrahim Al-Mahmoud, CEO of QIA, echoed the sentiment, saying, "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."
This substantial investment by QIA underscores its diversified approach to global investments and its unwavering confidence in India's economy, according to the post on its official website.