Mukesh Ambani, chairman and managing director of Reliance Industries, speaking at the annual general meeting of the company on August 28 said the company is getting heavy interest from strategic investors for Reliance Retail.
“...several marquee global strategic and financial investors have shown strong interest in Reliance Retail,” said Ambani. ‘I will update you about our progress with them in due course.”
Over the past few years, Reliance Retail has attracted investments from large and reputable global investment firms and sovereign wealth funds “owing to its rock-solid fundamentals and compelling value proposition.”
Qatar Investment Authority became the latest investor in Reliance Retail, with an investment of $1 billion for a 1 percent equity stake last week. This investment valued Reliance Retail at a pre-money equity value of Rs 8.28 lakh crore.
"During our fund-raise in September 2020, the valuation of our Retail Business stood at Rs 4.28 lakh crore. The valuation has nearly doubled in the last three years. Based on this valuation, Reliance Retail, had it been listed, would have ranked among the Top 4 companies in India and Top 10 retailers globally,” Ambani said in his address.
Reliance Retail, in its previous fund-raise round in 2020, drew an aggregate amount of Rs 47,625 crore from various global investors, including the sovereign wealth funds of Saudi Arabia, Singapore and the United Arab Emirates, along with General Atlantic, KKR & Co. and Silver Lake Partners.
ALSO READ: QIA to invest $1 billion in Reliance Retail for 0.99% stake; valuation at $100 billion
It should be kept in mind that the company has expanded its business at a rapid pace, becoming the largest retailer in India. Reliance Retail is the only Indian retailer in the global Top 100.
Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
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