Mukesh Ambani’s Reliance Industries Offers to Sell $20 Billion Stake In Retail Arm to Amazon: Report

Mukesh Ambani-led Indian conglomerate Reliance Industries has offered to sell roughly $20 billion worth of stake in its retail arm, Reliance Retail to Amazon, Bloomberg News reported. The company is willing to sell as much as a 40% stake in the subsidiary to Amazon. Also Read – After Jio Mega Investment, Silver Lake Pitches in Rs 7,500 cr For Reliance Retail

Amazon has held discussions about investing in Reliance Retail Ventures Ltd. and has expressed interest in negotiating a potential transaction, the report said, citing a person with knowledge of the matter. However, no decision has been made yet and talks could fall apart.

At $20 billion, the deal would be the biggest ever in India as well as for Amazon, according to data compiled by Bloomberg.

After the development, shares of Reliance Industries extended gains and touched an all-time high with its stock surging 4.2% as of 12:08 p.m.

The report comes a day after RIL announced that US private equity firm Silver Lake Partners would buy a 1.75 per cent stake in Reliance Retail for Rs 7,500 crore. This marks the second billion-dollar investment by Silver Lake in a Reliance Industries subsidiary after the USD 1.35 billion investment in Jio Platforms announced earlier this year.

Reliance Retail Limited, a subsidiary of RRVL, operates India’s largest, fastest-growing and most profitable retail business serving close to 640 million footfalls across its 12,000 stores nationwide.

(With Agency inputs)