Reliance AGM 2023 | Several Global Investors Shown Strong Interest In Reliance Retail: Mukesh Ambani

The Qatar Investment Authority (QIA) has recently acquired around 1 per cent stake in Reliace Retail Venture Ltd (RRVL) by investing Rs 8,278 crore ($1 billion) at a valuation of $100 billion

Reliance Retail had achieved a significant milestone of crossing a billion transactions and its registered user base has grown to 249 million, Mukesh Ambani said in the AGM. ( Image Source :Getty )

Reliance Industries (RIL) Chairman Mukesh Ambani on Monday said that several marquee global strategic and financial investors have shown strong interest in Reliance Retail, which has raised $1 billion from Qatar's sovereign agency recently. During his address to the shareholders at the 46th AGM of the conglomerate on Monday, Ambani said if it were listed on stock exchanges based on current valuation, the retail venture would be among the top four listed entities.

He said in less than three years, valuation of Reliance Retail has been doubled and the pace of this value creation is "unmatched globally". "Several marquee global strategic and financial investors have shown strong interest in Reliance Retail. I will update you about our progress with them in due course. I now invite Isha to report on the progress of our Retail business," Ambani told shareholders.

The Qatar Investment Authority (QIA) has recently acquired around 1 per cent stake in Reliace Retail Venture Ltd (RRVL) by investing Rs 8,278 crore ($1 billion) at a valuation of $100 billion, Ambani said its valuation has doubled in less than three years. "Just for context, during our fund-raise in September 2020, the valuation of our Retail business stood at Rs 4.28 lakh crore. In less than three years, the valuation of Retail has almost doubled, notwithstanding the intervening Covid-19 pandemic. "Based on this valuation, Reliance Retail, had it been listed, would have ranked among the top four companies in India and top ten retailers globally," he said.

While welcoming QIA, Ambani said the investment was done at a valuation of Rs 8.2 lakh crore "It is a testament to our unwavering commitment to quality, innovation, customer-centricity, and adaptability. Through strategic investments, digital transformation, and relentless focus on delivering exceptional experiences, we continue to earn the trust and love of our customers," he said.

According to Ambani, Reliance Retail, which is expanding its business is the "fastest growing" company. "I am confident that as India grows from a $2,500 per-capita economy to a $10,000 per-capita economy, Reliance Retail will be our fastest growing business in revenues and EBITDA," he said.

In its latest annual report, RIL had said Reliance Retail had achieved a significant milestone of crossing a billion transactions and its registered user base has grown to 249 million. In FY23, Reliance Retail's digital commerce and new commerce businesses contributed to 18 per cent of its revenue, which stood at Rs 2.60 lakh crore.