Qatar’s sovereign wealth fund is set to invest $1bn in Indian billionaire Mukesh Ambani’s retail unit, valuing the shopping company at $100bn, in the latest sign of Gulf investors’ deepening exposure to India’s fast-growing economy.
The $450bn Qatar Investment Authority would take a 0.99 per cent stake in Reliance Retail Ventures Limited, the Reliance Industries subsidiary announced on Wednesday.
“QIA is committed to supporting innovative companies with high growth potential in India’s fast growing retail market,” QIA chief executive Mansoor Ebrahim al-Mahmoud said in a statement.
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