Amazon in talks to buy 9.9% stake in Reliance Retail
Jeff Bezos is in advanced talks to acquire a 9.9% stake in Reliance’s retail arm. As a part of the deal, Amazon is looking to pick up a preferred, strategic stake in Reliance Retail for JioMart.
Reliance Retail serves more than 3.5 million customers each week (as of early this year) through its nearly 10,000 physical stores in more than 6,500 cities and towns in the country.
Morgan Stanley, which served as the financial advisor to Reliance Industries for Jio Platforms’ deals, recently valued Reliance Retail at about $29 billion.