(Image source from: Aninews.in)
Qatar Investment Authority to invest in Reliance Retail:- Reliance Industries in their regulatory filing has announced that Reliance Industries will get an investment of Rs 8,278 Cr from Qatar Investment Authority (QIA) into Reliance retail business, that is Reliance Retail Ventures Limited (RRVL).
RRVL is the largest retail market in India with over 18,500 stores in India. The investment of Rs 8,278 Cr will give a minor stake of 0.99 per cent of RRVL on a fully diluted basis. Mukesh Ambani has welcomed the investment of QIA and said he is delighted with the investment and that RRVL will have a strong record value. RRVL provides a world-class institution for the Indian retail sector.
Mansoor Ebrahim AI-Mahmoud, CEO of QIA released a statement and said QIA is committed of supporting the high growth potential companies and RRVL is the fastest-growing retail company. He said that they are looking at the strong vision of the growing trajectory of Reliance Retail Ventures Limited.
RRVL is aggressively expanding their business by acquiring many small-scale brands and also by getting franchise rights of the leading international luxury brands to the Indian markets.