July 26 (Reuters) – Qatar’s sovereign wealth fund is in talks to purchase a minority stake within the retail arm of Indian billionaire Mukesh Ambani-led conglomerate Reliance Industries (RELI.NS), the Financial Times reported on Wednesday.

The Qatar Investment Authority is contemplating a $1-billion funding in Reliance Retail Ventures, for a stake of about 1%, valuing the enterprise at round $100 billion, the reportsaid, citing three individuals with data of the discussions.

The report despatched shares of its dad or mum Reliance Industries (RELI.NS) up as a lot as 2.1%, its largest proportion bounce in over every week.

Reuters had reported earlier this month that Reliance Retail, totally owned by Reliance Retail Ventures, was valued at $92-$96 billion by two international consultants, a transfer that would sign an eventual preliminary public providing (IPO).

Ambani had mentioned he deliberate to listing his retail operations in some unspecified time in the future however was but to provide a timeline or particulars of his plans.

Reliance Retail Ventures homes retail operations akin to worldwide partnerships and client items enterprise.

Reliance Retail, headed by the billionaire’s daughter Isha Ambani, has core retail companies that embody digital and brick-and-mortar shops.

It has partnered, in recent times, with a slew of world manufacturers like Burberry, Pret A Manger and Tiffany to launch and develop their presence in India.

The Qatari sovereign wealth fund had not but authorized the deal, which itself has not been finalised but and would possibly change, the FT report added.

Both QIA and Reliance Retail Ventures didn’t instantly reply to Reuters’ requests for remark.

In 2020, Reliance Retail Ventures raised 472.65 billion rupees ($5.77 billion) by promoting a ten.09% stake to traders together with U.S. personal fairness companies KKR and General Atlantic, the Saudi Public Investment Fund and the UAE’s Mubadala.

($1 = 81.9730 Indian rupees)

Reporting by Rama Venkat and Juby Babu in Bengaluru; Editing by Savio D’Souza and Sohini Goswami

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