Reliance Industries is reportedly looking to sell roughly 40% stake worth $20 Bn in its retail business Reliance Retail to US-based ecommerce giant Amazon. This will be the biggest deal in India as well as for Amazon.
According to a Bloomberg report citing sources, that the partnership between Amazon and Reliance will turn Bezos and Ambani from rivals to one of the fastest-growing consumer markets in the world. However, the deal has not been finalised yet and can still fall apart.
Commenting on the report, a Reliance spokesperson said, “As a policy, we do not comment on media speculation and rumors… Our company evaluates various opportunities on an ongoing basis. We have made and will continue to make necessary disclosures in compliance with our obligations.”