Reliance appointed independent valuers EY to assess the company's value, which estimated it to be around $96.14 billion. Another independent valuer, BDO, valued the company at approximately $92 billion.
Reliance Retail includes Ambani's primary retail operations, which comprise both digital and physical stores. It is a wholly-owned subsidiary of Reliance Retail Ventures and includes various retail operations such as international partnerships and the billionaire's consumer goods business.
The valuations provided by the consultants indicate that Ambani's businesses are experiencing significant growth.
In 2020, Reliance Retail Ventures raised a substantial amount of funds, approximately 472.65 billion Indian rupees ($5.72 billion), in exchange for a 10.09% stake in the company.
This transaction valued the company at approximately $57 billion.
The increased valuations suggested by the recent estimates highlight the significant growth and potential of Ambani's businesses.
Reliance did not immediately respond to Reuter’s request for comment.