Qatar Investment Authority To Invest Rs 8,278 Crore In Reliance Retail Ventures

Reliance Retail Ventures Ltd. said on Wednesday that Qatar Investment Authority will invest Rs 8,278 crore in the company.

The sovereign wealth fund of Qatar, through its wholly-owned subsidiary, buy a minority equity stake of 0.99% on a fully-diluted basis in the retail arm of Mukesh Ambani's Reliance Industries Ltd., according to a media release.

This investment values Reliance Retail at a pre-money equity value of Rs 8.3 lakh crore.

"We look forward to benefitting from QIA’s global experience and strong track record of value creation as we further develop Reliance Retail Ventures Limited into a world class institution, driving transformation of the Indian retail sector," said Isha Mukesh Ambani, director of Reliance Retail Ventures.

Morgan Stanley acted as the sole financial advisor to Reliance Retail Ventures, while Cyril Amarchand Mangaldas and Davis Polk & Wardwell acted as legal counsel.

Goldman Sachs acted as the financial adviser to Reliance Industries on the process and transaction structuring.

Meanwhile, AZB and Cleary Gottlieb acted as legal counsels to QIA.