Reliance terms reports of stake sale to Amazon speculative

Reliance Industries Ltd reportedly has offered a 40 per cent stake in its retail arm worth about USD 20 billion to Amazon.com, Inc, a report the company said was speculative.

Bloomberg News citing a source reported that “Amazon has held discussions about investing in the conglomerate’s Reliance Retail Ventures Ltd unit and has expressed interest in negotiating a potential transaction”.

The report went on to say that Reliance was “willing to sell as much as a 40 per cent stake in the subsidiary to Amazon” and the deal size at USD 20 billion would be the biggest ever in India.