Several marquee global strategic and financial investors have shown strong interest in Reliance Retail, which has raised $1 billion from Qatar's sovereign agency recently, RIL chairman Mukesh Ambani said on Monday.
He also said that if the company was listed on stock exchanges, then based on the current valuation, it would be among the top four listed entities in the country.
In less than three years, the valuation of Reliance Retail has doubled and the pace of this value creation is "unmatched globally", Ambani said while addressing the shareholders of Reliance Industries Ltd (RIL).
"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 Reliance Retail Venture Ltd (RRVL) by investing Rs 8,278 crore ($1 billion) at a valuation of $100 billion, Mukesh Ambani said the company's 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 Rs 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.
RRVL is the holding company of the RIL's retail business.
While welcoming QIA, Ambani said the investment was done at a valuation of Rs 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 $2,500 per-capita economy to a $10,000 per-capita economy, Reliance Retail will be our fastest growing business in revenues and EBITDA," he said.
In 2020, RRVL had raised Rs 47,265 crore (around $6.4 billion) from global private equity funds for a 10.09 per cent stake, valuing the company at more than Rs 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 $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.
Besides, it is investing on scaling up infrastructure and also acquired the India business of German retail major Metro Cash and Carry.
"We have invested over $10 billion in the past two years, focusing on building integration, growing in-house brands, and improving supply chain networks," Reliance Retail director Isha Ambani said.
In FY23, Reliance Retail's digital commerce and new commerce businesses contributed to 18 per cent of its revenue, which stood at Rs 2.60 lakh crore.
In its latest annual report, RIL said Reliance Retail had achieved a significant milestone of crossing a billion transactions and its registered user base has grown to 249 million.
"We are delivering value to over 30 per cent of India's addressable population.
"All this has made Reliance Retail rank among the Top-10 most visited retailers in the world," Isha said.
Reliance Retail is one of the largest employers in the country, with nearly 2.5 lakh on-roll employees.
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