Reliance
Reliance Industries is offering to sell a roughly $20 billion stake in its retail business to Amazon.com Inc, Bloomberg News reported on Thursday, citing one unnamed person with knowledge of the matter. The oil-to-telecoms conglomerate led by billionaire Mukesh Ambani, which has already raised $20 billion during this year from investors including Facebook and Google, is willing to sell an up to 40 per cent stake in the retail business to Amazon, the agency reported.
Asia’s richest man, Mr Mukesh Ambani is popping his focus toward retail after successfully building India’s top telecom network by customers in within four years, hoping to need a dominant position because the country’s huge consumer market comes old.
Amazon has held talks about investing in Reliance Retail and expressed interest in negotiating potential deals but has made no decision, Bloomberg report said.
Reliance Retail, with near 12,000 stores selling an oversized range of products, acquired rival Future Group’s retail arm last month and on Wednesday announced a $1 billion investment from Silver Lake Partners.
The company earlier on Thursday became the first listed Indian firm to cross $200 billion in capitalization.
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