<a href="https://www.thenationalnews.com/gulf-news/2023/03/06/qatar-looks-to-boost-technology-and-tourism-sectors-after-buzz-of-world-cup/">Qatar Investment Authority,</a> the Gulf state’s sovereign wealth fund, will invest 82.78 billion rupees ($1 billion) in <a href="https://www.thenationalnews.com/business/economy/2023/07/21/reliances-quarterly-profit-drops-11-on-slow-petrochemical-business/" target="_blank">India’s Reliance </a>Retail Ventures Limited through a wholly owned subsidiary in push to expand its portfolio of investments in Asia’s third largest economy. QIA’s investment will translate into a minority equity stake of 0.99 per cent in RRVL, valuing the Indian company at about 8.3 trillion rupees on a fully diluted basis, Reliance Retail said in a statement on Wednesday. RRVL, India's largest and most profitable retail business, is a subsidiary of Reliance Industries, a Mumbai-based conglomerate controlled by billionaire chairman <a href="https://www.thenationalnews.com/arts-culture/art/2022/10/08/nita-mukesh-ambani-cultural-centre-to-open-in-mumbai/">Mukesh Ambani</a>. The previous 472.65 billion rupees funding round by RRVL in 2020 from various global investors was completed at a pre-money equity value of 4.2 trillion rupees. “We look forward to benefiting from QIA’s global experience and strong track record of value creation,” said Isha Mukesh Ambani, director of RRVL. “The investment by QIA is a strong endorsement of a positive outlook towards Indian economy and Reliance’s retail business model, strategy and execution capabilities.” RRVL, through its subsidiaries and associates, serves 267 million customers. It has a network of more than 18,500 stores and digital commerce platforms across grocery, consumer electronics, fashion and lifestyle, and pharma consumption baskets. “QIA is committed to supporting innovative companies with high-growth potential in India’s fast-growing retail market,” said Mansoor Al Mahmoud, QIA’s chief executive. “We are looking forward to Reliance Retail Ventures Limited, with its strong vision and impressive growth trajectory, joining our growing and diverse portfolio of investments in India.” QIA has investments in a number of other sectors including real estate, infrastructure, technology and health care, among others. It also invested <a href="https://www.thenationalnews.com/business/economy/2023/05/23/qatar-investment-authority-aiming-to-invest-in-credit-market-amid-new-opportunities/" target="_blank">$450 million</a> in a unit of Indian power company Adani Transmission for a 25.1 per cent stake in 2020. Reliance’s retail arm posted a net profit of 24.48 billion rupees in the last quarter, up nearly 18.8 per cent, while revenue from operations surged to 621.6 billion rupees, from 515.8 billion rupees a year ago. Reliance Industries’ total net profit attributable to the owners of the company in the three months ending in June <a href="https://www.thenationalnews.com/business/economy/2023/07/21/reliances-quarterly-profit-drops-11-on-slow-petrochemical-business/#:~:text=Net%20profit%20attributable%20to%20the,cent%20on%20a%20quarterly%20basis." target="_blank">dropped to</a> 160.1 billion rupees, from 179.5 billion rupees in the same period a year earlier.