Qatar sovereign wealth fund to invest $1 billion in India’s Reliance retail
Reliance Retail
Indian tycoon Mukesh Ambani-owned Reliance Retailwill get a $1 billion investment from Qatar’s sovereign wealth fund, valued at $100 billion, a report published inFinancial Times said.
This is significant as it indicates Gulf investors’ growing exposure to India’s rapidly expanding economy.
The Reliance Industries subsidiary said on Wednesday that the $450 billion Qatar Investment Authority would acquire a 0.99 percent share in Reliance Retail Ventures Limited.
“QIA is committed to supporting innovative companies with high growth potential in India’s fast growing retail market,” Financial Times quoted QIA chief executive Mansoor Ebrahim al-Mahmoud as saying in a statement.
He also mentioned thatRelianceRetail has joined the fund’s “growing and diverse portfolio of investments in India.”
The gas-rich Gulf state's sovereign wealth fund, which has also invested in Indian start-ups like online restaurant operator Rebel Foods and delivery group Swiggy, will be making one of its biggest bets on Indian retail with this investment. Qatar was reportedly exploring the investment last month, according to the Financial Times.
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The sale comes after a string of other transactions by the QIA in India. According to market records, a fully owned subsidiary of the fund invested $474 million this month on a nearly 3 per cent investment in Gautam Adani’s renewable energy company Adani Green Energy.
About the Qatar Investment Authority
The Qatar Investment Authority (QIA) was established in 2005 with the goal of boosting the nation’s economy through asset diversification. Building on a more than 30-year history of investments, Qatar’s expanding portfolio of long-term strategic investments serves as a complement to the state’s natural resource wealth. The QIA, which has its main office in Doha, is set up to function at the highest levels of international investing. The QIA upholds the strongest financial and commercial requirements as a world-class investor.
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