NEW DELHI: The market valuation of Dependency industries (RIL) reached another milestone on Thursday. The company became the first publicly traded Indian firm to exceed $ 200 billion in market capitalization or m-cap.
The company’s shares rose 6.2 percent in midday trading in Mumbai after hitting an intraday record.
The richest man in Asia Mukesh Ambani is turning its focus to retail after successfully building India’s premier telecom network by customers in less than four years, hoping to take a dominant position as the country’s huge consumer market India comes of age.
The oil-to-telecommunications conglomerate is reported to be offering to sell an approximately $ 20 billion stake in its retail arm to Amazon.com Inc.
The company’s shares rose 6.2 percent in midday trading in Mumbai after hitting an intraday record.
The richest man in Asia Mukesh Ambani is turning its focus to retail after successfully building India’s premier telecom network by customers in less than four years, hoping to take a dominant position as the country’s huge consumer market India comes of age.
The oil-to-telecommunications conglomerate is reported to be offering to sell an approximately $ 20 billion stake in its retail arm to Amazon.com Inc.
The report, which quotes an anonymous person with knowledge of the matter, added that billionaire Reliance, led by Ambani, is willing to sell up to a 40 percent stake in the retail business to Amazon.
Reliance Retail, with about 12,000 stores selling a wide range of products, acquired the retail arm of rival Future Group last month and on Wednesday announced a $ 1 billion investment from Silver Lake Partners.
(With contributions from the agency)
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