Mukesh Ambani nears deal to buy stake in Amazon’s India partner

Reliance Industries is closing in on a deal that would see it acquire stakes in some units of Future Group, people familiar with the matter said, a move that would bolster the e-commerce ambitions of the conglomerate and its billionaire Chairman Mukesh Ambani.

An agreement between Ambani’s Reliance and Future, which already has a partnership with Amazon.com Inc., could be announced as early as next month, the people said, asking not to be identified as the information isn’t public. Though unit Future Retail Ltd. has attracted suitors, including Amazon, Reliance’s offer to buy into the group’s holding company is likely to sway the outcome in its favor, the people said.