Market surges after report says Amazon looking at 40% in Reliance Retail

After completing an over $20-billion fundraise for Jio Platforms, Reliance Industries Ltd is said to be in talks to raise as much money by off-loading a 40 per cent stake in its arm, Reliance Retail Ventures Ltd, to Amazon Inc, the world’s biggest internet company, Bloomberg News reported Thursday.

This comes less than a month after Reliance Retail — India’s largest retailer — strengthened its position in the sector by acquiring assets from its second-placed rival Future Group.

Amazon has held “discussions” and has “expressed interest in negotiating a potential transaction, a person with knowledge of the matter said,” Bloomberg reported. However, “Amazon hasn’t made any final decision on the size of its potential investment, and talks could still fall apart, the person said.”