Qatar Investment Authority (QIA), which is the sovereign wealth fund of the country, is planning to buy a two per cent stake in Isha Ambani’s run Reliance Retail Ventures (RRVL) for one billion dollars valuing RRVL at 100 billion dollars. Simply, RRVL is the Reliance Store where you buy your groceries and gadgets.
Reliance Retail is the largest retailer in India in terms of revenue. It reported a net profit of Rs. 2,415 crore for the quarter ended in March, which is a 13% rise from the corresponding quarter of the last year. Shares of Reliance Industry closed at Rs 2525.70, up by 1.65 per cent. Similarly, its market cap. closed at Rs 17.08 trillion. The investment from QIA comes three years after a flurry of investments were made in the RRVL. An investment of $6 billion was made to buy a 10.9 per cent stake in the RRVL for valuing RRVL at $57 billion.
However, a spokesperson of Reliance Retail says “As a company policy we don’t comment on market speculations.”
© Copyright 2023. All Rights Reserved Powered by Vygr Media.
