COIMBATORE. 01/11/2007:Shoppers at the Reliance Fresh store which opened in Coimbatore on Wednesday (31/10/2007)
Photo: K_Ananthan (Digital image)
| Photo Credit: K_Ananthan
Reliance Retail Ventures Ltd. (RRVL), a subsidiary of Reliance Industries Ltd., said that Qatar Investment Authority (QIA), through a wholly-owned subsidiary, has agreed to invest ₹8,278 crore in the company. This investment values RRVL at a pre-money equity value of ₹8.278 lakh crore, RRVL said in a statement.
QIA’s investment will translate into a minority equity stake of 0.99% in RRVL on a fully-diluted basis.
“The previous fund-raise round by RRVL in 2020 from various global investors of an aggregate amount of ₹47,265 crore was done at a pre-money equity value of ₹4.21 lakh crore” the statement added.
Isha Mukesh Ambani, Director, RRVL in a statement said, “We look forward to benefitting 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 Indian economy and Reliance’s retail business model, strategy and execution capabilities,” she said.
Mansoor Ebrahim Al-Mahmoud, CEO, QIA, said, “QIA is committed to supporting innovative companies with high-growth potential in India’s fast-growing retail market. We are looking forward to Reliance RRVL, with its strong vision and impressive growth trajectory, joining our growing and diverse portfolio of investments in India.”
RRVL, through its subsidiaries and associates, operates a network of over 18,500 stores and digital commerce platforms across grocery, consumer electronics, fashion & lifestyle, and pharma consumption baskets.