Reliance approaches digital unit backers to invest in retail arm: Sources

India’s Reliance Industries Ltd has approached investors in its digital business about potentially buying stakes in its retail arm, two sources with direct knowledge of the matter said on Thursday.
The oil-to-telecoms conglomerate is looking to attract more investors to Reliance Retail as the business expands rapidly online to take on the likes of Walmart Inc’s Flipkart and Amazon.com Inc’s Indian arm.
Earlier this year, Reliance, controlled by Asia’s richest man Mukesh Ambani, sold nearly 33% of its Jio Platforms digital business, netting more than $20 billion from companies including Facebook, Alphabet’s Google, KKR & Co and Silver Lake Partners.
Mumbai-based Reliance has approached some investors from that deal to take stakes in the retail business, although “it is understood not all will participate”, one of the sources told Reuters, asking not to be named as talks are private.