A bird flies past a Reliance Industries logo installed on its mart in Ahmedabad, India January 16, 2017. REUTERS/Amit Dave


Law firms Cyril Amarchand Mangaldas and AZB & Partners have advised on the Indian aspects of Qatar Investment Authority’s $1 billion investment in Reliance Retail Ventures, the retail arm of Reliance Industries.

New York-headquartered Cleary Gottlieb Steen & Hamilton advised QIA, Qatar’s sovereign wealth fund, on the international law aspects of the deal.

QIA said it will acquire a 0.99 percent stake in Reliance Retail for approximately $1 billion, nearly doubling the company’s valuation from its last funding round in 2020 to $100 billion, according to Reuters.

Led by Mukesh Ambani’s daughter, Isha Ambani, Reliance Retail raised nearly $5.72 billion in 2020 with investors including KKR, General Atlantic, the Saudi Public Investment Fund, and two UAE sovereign investment funds.

The CAM team advising Reliance Retail on the deal was led by corporate partners L Viswanathan, Shishir Vayttaden and K Aishwarya.

Partners Ashwath Rau and Atreya Bhattacharya were part of the AZB team that advised QIA on the deal.

Reliance Retail purchased the retail business of conglomerate Future Group in 2020 for $3.38 billion. Shardul Amarchand Mangaldas, Khaitan & Co, Trilegal and Wadia Ghandy & Co advised on the deal.


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