FILE PHOTO: Shopping trolleys are parked outside a Reliance supermarket in Mumbai, India, March 16, 2021. Picture taken March 16, 2021. REUTERS/Niharika Kulkarni

Qatar Investment Authority will invest Rs 8,278 crore ($1 billion) in Reliance Retail Ventures, the retail arm of India’s Reliance Industries, at a pre-money equity value of Rs 8.28 lakh crore ($100 billion), the companies said on Wednesday.

Reliance Retail Ventures has previously raised about Rs 47,265 crore from various global investors, it said.

Reliance Retail, a unit of Reliance Retail Ventures, was recently valued at $92 billion to $96 billion by two global consultants, a move that could signal an eventual initial public offering of the company.

Reliance Retail is India’s largest retailer and has been partnering with a slew of global brands to launch and expand its presence in India.

Reuters