BENGALURU (Reuters) – Amazon.com Inc is in talks to buy a 9.9% stake in the retail arm of Indian conglomerate Reliance Industries Ltd, ET Now reported Thursday, citing sources.
Amazon wants a preferred strategic stake in Reliance Retail for JioMart, according to tweets from the television channel.
JioMart, the e-commerce company of Reliance’s retail arm, launched in May and represents a formidable challenge for the local unit of Amazon.com and Flipkart of Walmart Inc.
Earlier this year, Amazon India launched a program to add small local stores to its platform after India went into a blockade to curb the spread of the coronavirus outbreak.
An Amazon spokeswoman by email said the company does not comment on speculation, while Reliance did not immediately respond to a request for comment.
The agency, controlled by Asia’s richest man, Mukesh Ambani, has raised around $ 20 billion since late April for its digital arm, including from Google and Facebook Inc. of Alphabet Inc
(Report by Chandini Monnappa in Bangalore; Amy Caren Daniel Edition)
