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Amazon in talks to buy upto 26% stake in Reliance Retail: Report

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

Reuters  |  Bengaluru 

The brand value of Amazon surged by 52 per cent to $315 billion
The brand value of Amazon surged by 52 per cent to $315 billion

Amazon.com Inc is in exploratory talks with Reliance Industries Ltd-owned for buying up to 26% stake in India's biggest brick-and-mortar retailer, the Economic Times (ET) reported on Thursday.

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.

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.

Amazon declined to comment.

The Seattle-based ecommerce giant has been engaged in a pitched battle for Indian market share against Walmart Inc's Flipkart, with both announcing various plans to attract more customers in what is viewed as one of their most important growth markets.

Reuters reported on Monday that Amazon was planning a foray into the burgeoning online food delivery business in India this year.

 

 

First Published: Thu, August 01 2019. 10:02 IST
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