© The Indian Express Pvt Ltd
Tags:
Journalism of Courage
The retail arm of Reliance Industries Ltd Wednesday announced that Qatar’s sovereign wealth fund would invest Rs 8,278 crore in the company for a 0.99 per cent stake.
The investment by Qatar Investment Authority (QIA) values Reliance Retail Ventures Ltd (RRVL) at a pre-money valuation of Rs 8.278 lakh crore, the company said in a release, making it among the country’s top four companies by equity value.
“We look forward to benefiting from QIA’s global experience and strong track record of value creation as we further develop RRVL 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 the Indian economy and Reliance’s retail business model, strategy and execution capabilities,” said Isha Ambani, Director, RRVL.
In its previous fundraising round in 2020, RRVL raised Rs 47,265 crore from multiple global investors. That investment took the company to a pre-money valuation of Rs 4.21 lakh crore, the release said.
RRVL, through its subsidiaries and affiliates, operates an integrated omni-channel network of more than 18,500 stores and digital commerce platforms across grocery, consumer electronics, fashion and lifestyle and pharma consumption baskets and has partnered with more than three million merchants through its new commerce initiative.
RRVL reported a consolidated turnover of Rs 2,60,364 crore ($31.7 billion) and net profit of Rs 9,181 crore ($1.1 billion) for the year ended March 31, 2023.
