Qatar’s sovereign wealth fund is in talks to buy a stake in billionaire Mukesh Ambani’s retail unit, as oil-rich Gulf funds increase their bets on the fast-growing Indian market.
The Qatar Investment Authority (QIA) is considering a minority stake in Reliance Retail Ventures, according to 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 per cent and valuing the business at around $100bn.
The people, who asked not to be named as the deal is private, said the agreement has yet to be finalised and is subject to change. One person said the $450bn Qatari sovereign wealth fund had not yet approved it.
The talks come as Reliance Retail is spending heavily to expand its consumer businesses. India’s biggest shopping group by revenues, spanning luxury fashion to groceries, is a subsidiary of Ambani’s oil-to-data conglomerate Reliance Industries, India’s biggest company with a market capitalisation of $205bn.
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