Amazon may buy 40% stake in Reliance Retail for $20 billion

BENGALURU: India’s Reliance Industries is offering to sell a roughly $20 billion stake in its retail arm to Amazon.com Inc, Bloomberg News reported on Thursday, citing one unnamed person with knowledge of the matter.

The oil-to-telecoms conglomerate led by billionaire Mukesh Ambani, which has already raised $20 billion in this year from investors including Facebook and Google, is willing to sell an up to 40% stake in the retail business to Amazon, the agency reported.