Reliance Offers Amazon $20 Billion Stake in Retail Arm: Report

The Bloomberg report added that Reliance is willing to sell an up to 40 percent stake in the retail business to Amazon.

Reliance Offers Amazon $20 Billion Stake in Retail Arm: Report

The news follows a $1 billion investment announced Wednesday by Silver Lake Partners in Reliance Retail

Highlights
  • Shares in Reliance were up 4% in midday trading in Mumbai
  • Amazon has held talks about investing in Reliance Retail
  • Amazon did not immediately respond to a Reuters request for comment
Advertisement

Indian oil-to-telecoms conglomerate Reliance Industries is offering to sell a roughly $20 billion (roughly Rs. 146,717 crores) stake in its retail arm to Amazon, BloombergQuint reported on Thursday, citing Bloomberg News.

The Bloomberg report, citing one unnamed person with knowledge of the matter, added that billionaire Mukesh Ambani-led Reliance is willing to sell an up to 40 percent stake in the retail business to Amazon, according to BloombergQuint.

Shares in Reliance were up 4 percent in midday trading in Mumbai. The company earlier on Thursday became the first listed Indian firm to cross $200 billion (roughly Rs. 1,467,419 crores) in market capitalisation.

Amazon has held talks about investing in Reliance Retail and expressed interest in negotiating potential deals, according to the report.

The news follows a $1 billion (roughly Rs. 7337 crores) investment announced Wednesday by Silver Lake Partners in Reliance Retail, which runs more than 10,000 stores selling apparel, groceries and electronics across India.

Amazon did not immediately respond to a Reuters request for comment. Reliance did not immediately return an email seeking comment.

© Thomson Reuters 2020

 

Is Android One holding back Nokia smartphones in India? We discussed this on Orbital, our weekly technology podcast, which you can subscribe to via Apple Podcasts, Google Podcasts, or RSS, download the episode, or just hit the play button below.

Affiliate links may be automatically generated - see our ethics statement for details.
Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: Reliance, Reliance Retail, Amazon
Wonder Woman 1984, Dune Release Dates Expected to Be Delayed: Reports
Realme 7i Allegedly Spotted on Geekbench With 8GB RAM, Snapdragon 662 SoC Ahead of Launch
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News
 
 

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »