In less than three years, valuation of Reliance Retail has been doubled and the pace of this value creation is “unmatched globally”, said Ambani addressing RIL shareholders.

“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,” he said.

Referring to the recent acquisition of around 1 per cent stake by Qatar Investment Authority (QIA) in Reliace Retail Venture Ltd (RRVL), by investing ₹8,278 crore (USD one billion) at a valuation of USD 100 billion, Mukesh 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 ₹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 ₹8.278 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 him, Reliance Retail, which is expanding its business is the “fastest growing” company.

“I am confident that as India grows from a USD 2,500 per-capita economy to a USD 10,000 per-capita economy, Reliance Retail will be our fastest growing business in revenues and EBITDA,” he said.

Earlier in 2020, RRVL had raised ₹47,265 crore (around USD 6.4 billion) from global private equity funds for a 10.09 per cent stake, valuing the company at more than ₹4.2 lakh crore.

The company had raised funds from Silver Lake, KKR, Mubadala, Abu Dhabi Investment Authority, GIC, TPG, General Atlantic and Saudi Arabia’s Public Investment Fund at a valuation of around USD 57 billion at that time.

RRVL, is aggressively expanding its business here by acquiring companies and getting franchise rights of leading international brands for the Indian market.

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 ₹2.60 lakh crore.

Its board had on July 4, 2023, approved the proposal in which shares held by such shareholders shall stand cancelled and extinguished as per the capital reduction plan.