RIL in talks to sell minority stake in retail business to Walmart

Reliance Industries (RIL) is in discussions to sell a minority stake in its retail business to Walmart Inc, a report suggested on Monday.

The world’s largest retailer is emerging as an early candidate to pick up a stake in India’s largest retail company, the Morning Context said citing an executive familiar with the development.

On Saturday, RIL's retail arm Reliance Retail Ventures (RRVL) inked a deal with Kishor Biyani-promoted Future Group for acquiring its retail & wholesale business and the logistics & warehousing business as going concerns on a slump sale basis for a lumpsum total consideration of Rs 24,713 cr.

The acquisition would help Reliance Retail’s online segment in building a deep discounting strategy for JioMart, the e-commerce venture that competes with Amazon and Flipkart