QIA picks 0.99% in RelRetail for Rs 8,278cr

New Delhi: Reliance Industries (RIL) on Wednesday announced that Qatar Investment Authority (QIA), through a wholly-owned subsidiary, will invest Rs8,278 crore into its retail arm Reliance Retail Ventures Ltd (RRVL).

“This investment values RRVL at a pre-money equity value of Rs8.278 lakh cr,” Reliance Industries said in a regulatory filing. RRVL, through its subsidiaries and associates, operates India’s largest, retail business with an integrated omni-channel network of over 18,500 stores. “QIA’s investment will translate into a minority equity stake of 0.99 per cent in RRVL on a fully-diluted basis,” it added.