Mubasher: India’s Reliance Industries Ltd is looking to sell about $20 billion stake in its retail business to Amazon, Bloomberg reported on Thursday, citing a person familiar with the matter.
Amazon has held talks about investing in Reliance Retail Ventures Ltd and voiced its interest in negotiating a potential deal.
The Mumbai-based company, owned by the Indian billionaire, Mukesh Ambani, is offering up to a 40% stake in its unit to Amazon, according to the person who spoke on condition of anonymity.
Amazon has made no decision yet regarding the size of its potential investment, and negotiations might end without reaching an agreement, the person said.
According to the Financial Times, Middle East sovereign wealth funds, including the Abu Dhabi Investment Authority (ADIA) and Saudi Arabia’s Public Investment Fund (PIF), are also in talks to acquire stakes in Reliance Retail.