Qatar’s sovereign wealth fund is in talks to buy a stake in billionaire Mukesh Ambani’s retail unit, as oil-rich Gulf funds increase their bets on the fast-growing Indian market.
The Qatar Investment Authority (QIA) is considering a minority stake in Reliance Retail Ventures, according to three people with knowledge of the discussions. One of them said the fund is considering a $1bn investment giving it a stake of about 1 per cent and valuing the business at around $100bn.
The people, who asked not to be named as the deal is private, said the agreement has yet to be finalised and is subject to change. One person said the $450bn Qatari sovereign wealth fund had not yet approved it.
Read the full story on the Financial Times here.