Talks began after Reliance Retail’s negotiations with China’s Alibaba Group to sell a stake in the retail entity fell through due to differences over valuation.
Amazon is in exploratory talks with Reliance Industries Ltd-owned Reliance Retail for buying up to 26% stake in India’s biggest brick-and-mortar retailer, as per ET reports.
Talks began after Reliance’s negotiations with China’s Alibaba Group to sell a stake in the retail entity fell through due to differences over valuation, the financial daily reported citing two senior industry executives.
#Amazon is in early stage talks to acquire up to 26% stake in #Reliance Retail, Economic Times reports, quoting unidentified sources. If the talks fructify, Amazon will get access to more than 10,500 stores operated by India’s largest brick-and-mortar retailer… pic.twitter.com/H3a8Qa9hJ6— EQUITY COMMODITY£$€₹ (@equityin) August 1, 2019
However, there is no certainty the initial discussions will lead to a deal, according to the report.
“As a policy, we do not comment on media speculation and rumours. Our company evaluates various opportunities on an ongoing basis,”Reliance Industries said in a statement.
The Seattle-based e-commerce giant has been engaged in a pitched battle for Indian market share against Walmart-owned Flipkart, with both companies announcing various plans to attract more customers in what is viewed as one of their most important growth markets.
Reuters recently reported that Amazon was planning a foray into the burgeoning online food delivery business in India this year.
By: Abhinav Ranjan, Editorial Desk, DKODING Media