Exclusive! Amazon Reportedly to buy 9.9% stakes in Reliance Retail

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According to a TV news channel, ET Now reported Thursday afternoon, The world’s richest man Jeff Bezos, Amazon & the 5th richest Mukesh Ambani, Reliance are reportedly in talks for a Mega Deal for India.

These talks are at a preliminary stage. According to global giant Morgan Stanley, the valuation of Reliance Retail is $29bn,  Reliance Retail had recorded a turnover of INR 1.62 Lakh Cr in the financial year 2020, ending March this year. Both Amazon and Reliance Retail have also been in a battle to acquire a majority stake in Future Retail.

Amazon Reportedly to buy stakes in Reliance Jio
Courtesy: PTI photo

Reliance Jio  Platforms has secured over $20 billion by selling 33% stake to more than a dozen investors including Facebook, Google, Silver Lake, Intel, Qualcomm, and General Atlantic since April this year

Reliance Industries’ new venture JioMart is increasingly becoming a new challenger to Amazon, which has invested more than $6.5 billion in its India business, and Walmart’s Flipkart in recent months. During Reliance Industries’ annual general meeting earlier this month, Ambani said several firms had expressed interest in backing the retail chain. Facebook said in April that it had entered into an agreement with Reliance Industries to explore ways to collaborate on serving 60 million mom and pop stores in India. If amazon at all agrees to give the no objection for reliance to buy future retail, then it wants something much bigger. And that could very well be a strategic stake in reliance retail. 

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