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| Photo Credit: Reuters

Qatar Investment Authority will invest ₹82.78 billion ($1 billion) in Reliance Retail Ventures, the retail arm of India’s Reliance Industries , at a pre-money equity value of ₹8.28 trillion, the companies said on August 23.

Reliance Retail Ventures has previously raised about ₹472.65 billion from various global investors, it said.

Reliance Retail, a unit of Reliance Retail Ventures, was recently valued at $92 billion to $96 billion by two global consultants, a move that could signal an eventual initial public offering of the company.

Reliance Retail is India’s largest retailer and has been partnering with a slew of global brands to launch and expand their presence in India.