RIL offers up to 40% stake in Reliance Retail to Amazon

Reliance Industries Ltd (RIL) has offered up to 40 per cent stake in its subsidiary Reliance Retail Ventures Ltd (RRVL) to Amazon.com Inc. for about $20 billion.

Amazon has held discussions about investing in the retail arm of RIL and has expressed interest in negotiating a potential transaction, said a Bloomberg report.

Shares of RIL surged on Thursday to touch a record high of Rs 2,343.9. Its market capitalisation is currently over Rs 14.67 lakh crore.

RIL shares closed at Rs 2,314.65, higher by Rs 153.40, or 7.10 per cent, from its previous close.

Both the companies, however, have termed the report as “speculative”.

In a regulatory filing, RIL said: “We do not comment on media speculation and rumours and we cannot confirm or deny any transaction which may or may not be in the works.”