Qatar Investment Authority (QIA) is looking to buy a 1% stake of $1 billion in Reliance Retail Ventures. The consideration to buy a one per cent stake brings the valuation of Mukesh Ambani’s retail unit to $100 billion.

This comes after several Gulf wealth funds are looking to invest in India’s retail market.

QIA, in 2022 had pledged to invest $1.5 billion in James Murdoch’s new media and education venture, Bodhi Tree. They have also invested in Rebels Foods and the food delivery platform Swiggy.

In 2020, Saudi Arabia’s Investment Fund Invested $1.3 billion to buy a 2.04% stake in Reliance Retail at a valuation of $462.4 billion.

New York-based KKR and two Abu Dhabi sovereign investment funds also own stakes in the retail company.

Ambani’s daughter Isha Ambani is now aiming to diversify its retail business.

In the quarter that ended on June 30, Reliance Retail reported an 18.8% YoY rise in net profit at Rs 2,448 crore.