BENGALURU, August 25 Reliance Industries is likely to sell an additional 8-10% stake in its retail arm Reliance Retail Ventures to fund expansion, retire debt and prepare for a public listing of the conglomerate's retail business, a media outlet reported on Friday.
This process will most likely take 12-15 months and will be vital for the projected initial public offering of Reliance's retail operations, the report added, citing industry sources.
Reliance did not immediately respond to a request seeking comments.
Reliance resumed fundraising on Wednesday after Qatar Investment Authority announced a $1 billion investment for a 1 per cent stake in the retail arm, nearly doubling its valuation to $100 billion from its last funding round in 2020.
Reliance Retail, India's largest retailer, has been partnering with a slew of global brands like Burberry, Pret A Manger and Tiffany to launch and expand their presence in India.
Qatar's investment will help Reliance fund its future capital expenditure and keep retail debt under control, CLSA said in a report on Thursday.
Led by billionaire Mukesh Ambani's daughter Isha Ambani, Reliance Retail Ventures houses retail operations, including international partnerships and consumer goods business.