Qatar’s sovereign wealth fund the Qatar Investment Authority may pick a stake worth $1 billion in Reliance Retail ahead of the Mukesh Ambani-backed company rolling out its initial public offering plans.
When contacted, a Reliance Industries spokesperson said,“The company evaluates various opportunities on an ongoing basis. As a principle, we do not comment on market speculations and rumours.”
According to sources, talks are in the initial stage and could end with QIA acquiring about 1 per cent stake in Relaince’s retail venture. According to a report by Financial Times, the Qatari sovereign wealth fund had not yet approved the deal, which has not been finalised yet and might change.
Reliance Retail has already completed the sale of about 10 per cent stake over the last few years to private equity firms Silver Lake Partners, KKR, GIC, TPG and General Atlantic, as well as sovereign wealth funds Mubadala, ADIA and PIF.