(Bloomberg) – Amazon.com Inc. is in preliminary talks to acquire a 9.9% stake in Indian billionaire Mukesh Ambani’s retail business, ET Now reported, citing unidentified people.
The richest man in Asia and the president of Reliance Industries Ltd. told shareholders last week that Reliance Retail Ltd. is receiving inquiries from investors and may start incorporating some in the coming months.
“We have received great interest from strategic and financial investors in Reliance Retail,” Ambani told shareholders. “We will install global partners and investors in Reliance Retail in the coming quarters.”
The Ambani deals have attracted nearly $ 20 billion of Google investments to Facebook Inc. on its digital platform in recent months. The 63-year-old tycoon has identified technology and retail as areas for future growth in a turn away from the energy business he inherited from his father, who died in 2002.
A Reliance spokesman declined to comment on the report.
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