India’s Reliance Industries Limited (RIL) has confirmed receiving Rs 82.78 billion ($994.70 million) from Qatar Investment Authority (QIA) for around 1% stake in Reliance Retail Ventures Ltd (RRVL), the retail subsidiary of Mukesh Ambani-led group.

The company allotted 6,86,35,010 equity shares of its retail unit to the Qatari sovereign wealth fund, the company said in a filing on Thursday to the Bombay Stock Exchange.

The investment gives India’s largest retailer a close to $100 billion valuation. Reliance Retail has more than 18,000 retail outlets, selling groceries to electronics.  

Ambani’s daughter, Isha Ambani, heads the retail business.  Mukesh Ambani has said that he plans to list his retail operations but has not given a timeline of his plans.

QIA has been planning to increase its exposure in India.

Last month, the sovereign wealth fund bought a 2.7% stake in Adani Green Energy Ltd. for about $474 million through a block deal. Adani Green Energy is owned by billionaire Gautam Adani. 

(Editing by Seban Scaria;