Qatar Wealth Fund Invests $1 Billion in Ambani’s Retail Arm
- Latest funding values Reliance Retail Ventures at $100 billion
- Qatar has been increasing its bets in Indian conglomerates
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Qatar’s sovereign wealth fund invested 82.78 billion rupees ($1 billion) into India’s biggest brick-and-mortar retailer as Asia’s richest man Mukesh Ambani looks to rapidly expand its operations and take on global competitors including Amazon.com Inc. and Walmart Inc.
The Qatar Investment Authority’s purchase translates into a stake of 0.99% in Ambani’s Reliance Retail Ventures Ltd. “on a fully-diluted basis,” the Mumbai-based firm said in a statement on Wednesday, adding that it values the company at $100 billion.