QIA in talks to buy stake in Reliance Retail, Reliance shares up 2 percent
The Qatar Investment Authority is in talks to invest in Reliance Retail Ventures. QIA can buy a stake of about one billion dollars in Reliance Retail Ventures. QIA is the government investment company of the Arab country Qatar, which invests in companies in different countries of the world.
India's richest person Mukesh Ambani's company is in talks to buy a minority stake in Reliance Retail, the Arab country Qatar's government investment firm QIA, the full name of QIA is Qatar Investment Authority.
It was reported by the news agency PTI that a plan has been made by the Qatar Investment Authority to invest about one billion dollars in Reliance Retail. After this investment, QIA's stake in Reliance Retail will be one percent.
According to a report released by the news agency Reuters, the value of Reliance Retail has been estimated between $ 92-96 billion. In the report, the valuation was described as the first step of the company's IPO.
When asked about the issue, a Reliance spokesperson said that the company keeps looking for different opportunities from time to time. We cannot comment on the news going on in the markets.
Reliance Retail is expanding its business rapidly. The company is continuously taking franchisees of big and international companies. Earlier this month, it was said by the company that the company is working to reduce the stake held by shareholders other than the promoters.
Today, the stock of Reliance Industries is witnessing a boom. By 12 noon, the company's stock was trading 2.16 percent higher at Rs 2,538.05 on the NSE. Reliance Retail is a subsidiary company of Reliance Industries.