India’s Reliance Retail independently valued at $92-96 billion, source says

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NEW DELHI, July 7 (Reuters) – India’s Reliance Retail, run by Asia’s richest man Mukesh Ambani, has been valued at $92-96 billion by two global consultants, a source with direct knowledge of the matter told Reuters, in a move that could signal plans for an eventual IPO.

Reliance had appointed independent valuers EY, which valued the company at $96.14 billion, and BDO, which priced it at around $92 billion, the source said, declining to be named as the details are confidential.

Reliance, EY and BDO did not immediately respond to requests for comment.

Reliance Retail includes Ambani’s core retail businesses, including digital and brick-and-mortar stores. It is fully owned by Reliance Retail Ventures, which also houses other retail operations such as international partnerships and the billionaire’s consumer goods business.

The valuations show consultants estimate Ambani’s businesses are growing fast. In 2020, Reliance Retail Ventures raised 472.65 billion Indian rupees ($5.72 billion) by selling a 10.09% stake, valuing it at roughly $57 billion based on current exchange rates.

Investors at the time included KKR, the Saudi Public Investment Fund, General Atlantic and the UAE’s Mubadala.

News of the valuation comes ahead of a possible initial public offering (IPO) of Reliance’s retail division. Ambani has said he plans to list his retail operations at some point, but has so far not given a timeline or details of his plans.

EY valued Reliance Retail at 884.03 rupees per share, while BDO valued it at 849.08 rupees, the source said.

Reliance Retail has in recent years partnered with a slew of global brands to launch and expand their presence in India. From fashion to food, its partner brands include Burberry, Pret A Manger and Tiffany.

Reporting by Aditya Kalra in New Delhi, M. Sriram and Dhwani Pandya in Mumbai and Chris Thomas in Bengaluru; Editing by Savio D’Souza, Louise Heavens and Mark Potter

Our Standards: The Thomson Reuters Trust Principles.

Aditya Kalra is the Company News Editor for Reuters in India, overseeing business coverage and reporting stories on some of the world’s biggest companies. He joined Reuters in 2008 and has in recent years written stories on challenges and strategies of a wide array of companies — from Amazon, Google and Walmart to Xiaomi, Starbucks and Reliance…

Sriram leads Reuters’ deals coverage in India, including reporting and writing on private equity funds, IPOs, venture capital, corporate M&A and regulatory changes. His reportage includes scoops on large transactions as well as deeper analyses and insightful stories on the inner workings of companies, funds and industry trends that fly below the…


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