21.7 C
Delhi
Tuesday, December 1, 2020
Home NEWS Exclusive! Amazon Reportedly to buy 9.9% stakes in Reliance Retail

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

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.

Advertisement

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 gain a majority stake in Future Retail.

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

Advertisement

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 asked about backing the retail chain. Facebook said in April that it had agreed 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. 

Advertisement

ReadMore;Boy end his life After losing in PUBG!

Alex Rogers
Alex Rogers
Alex Rogers, TechJazz, has been very passionate about Tech from an early age. He is into tech that, still prefers the beta version overstable version.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Young.Live Latest Apk Download V2.5.1 2020

Young Live is a Online Watch or live Streaming platform where thousands of broadcasters from all over the world can characterised by many superb...

Jallikattu: India’s much deserving entry to Oscars

India’s official entry for the Best International Feature Film at the 93rd Academy Awards - Jallikattu is a Malayalam action film directed by Lijo...

PUBG Mobile Approved By Indian Govt May Release On 26 November

PUBG launch date in India- The Ministry of Corporate Affairs approves PUBG India company and Now Registered in India as a Pvt. Limited company and...

Is Google Pay no longer FREE in 2020?

Transferring money from Google Pay will no longer be free. The company has reportedly decided that now fees will be charged for the bank...

Recent Comments