Amazon is in talks to buy a 9.9% stake in the retail arm of Indian conglomerate Reliance Industries, ET Now reported on Thursday, citing sources.
It said that Amazon wants a preferred, strategic stake in Reliance Retail for JioMart.
JioMart, the e-commerce venture of Reliance’s retail arm, was launched in May and poses a formidable challenge to Amazon’s local unit and Walmart’s Flipkart.
#ETNOWMegaExclusive | World’s richest man #JeffBezos and 5th richest man #MukeshAmbani are believed to be in talks… https://t.co/9og2dwnajc
— ET NOW (@ETNOWlive) 1595497918000
Earlier this year, Amazon India launched a program to add small local shops on its platform after India went into a lockdown to curb the spread of the coronavirus outbreak.An Amazon spokeswoman through email said the company does not comment on speculation, while Reliance did not immediately respond to a request for comment.
Reliance, controlled by Asia’s richest man, Mukesh Ambani, has raised around $20 billion since late April for its digital arm, including from Alphabet’s Google and Facebook.
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