Oil-to-telecoms conglomerate Reliance Industries is offering to sell an approximately $ 20 billion stake in its retail arm to Amazon.com Inc, BloombergQuint reported Thursday, citing Bloomberg News. The Bloomberg report, which quotes an anonymous person with knowledge of the matter, added that Reliance, led by billionaire Mukesh Ambani, is willing to sell up to a 40% stake in the retail business to Amazon, according to BloombergQuint.
Reliance shares rose 4 percent in midday trading in Mumbai. On Thursday, the company became the first publicly traded Indian firm to exceed $ 200 billion in market capitalization.
Amazon has held discussions about investing in Reliance Retail and has expressed interest in negotiating potential deals, according to the report.
The news follows a $ 1 billion investment announced Wednesday by Silver Lake Partners in Reliance Retail, which runs more than 10,000 stores selling clothing, groceries and electronics across India.
Amazon did not immediately respond to a request for comment from Reuters. Reliance did not immediately return an email seeking comment.
Reliance Industries has been aggressively building its retail business as it looks to attract potential investors over the next few quarters.
Expanding its presence in the country’s retail sector, Reliance Industries purchased Future Group’s retail, wholesale, logistics and warehousing businesses for Rs 24,713 crore last month.
In May, Reliance Industries launched JioMart, an online grocery service in a move meant to rival Amazon’s local unit and Walmart’s Flipkart in the huge market.
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