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India's Reliance Retail, run by Asia's richest man Mukesh Ambani, has been valued at $92-96 billion by two global consultants appointed by the company, a source with direct knowledge of the matter told Reuters.

Reliance had appointed independent valuers EY, which valued the company at $96.14 billion, while BDO valued it at around $92 billion, the source said.

Reliance Retail includes Ambani's core retail businesses, including digital and brick-and-mortar stores. Reliance Retail 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 are estimating Ambani's businesses are growing fast. In 2020, Reliance Retail Ventures raised 472.65 billion Indian rupees ($5.72 billion) for a 10.09% stake in the company, valuing it at roughly $57 billion.

Reliance did not immediately respond to a request for comment.