The American giant Amazon is seeking to buy 9.9% stake in the retail arm of Reliance Industries Limited. As reported by Economic Times, Amazon is planning to invest in Reliance’s retail segment, JioMart. The company is seeking a strategic stake in the retail arm.
#ETNOWMegaExclusive | World's richest man #JeffBezos and 5th richest man #MukeshAmbani are believed to be in talks for a #MegaDeal for India, according to sources to @NayantaraRai pic.twitter.com/xv1xk9uEr3
— ET NOW (@ETNOWlive) July 23, 2020
JioMart, launched in May 2020, is an online grocery delivery service launched as joint venture of Reliance Retail and Jio Platforms. The e-commerce platform, reportedly increases competition in the e-commerce retail sector, especially for companies like Amazon India and Walmart’s Flipkart.
The year 2020 has been bearing fortune for Mukesh Ambani, who has raised over $20 million so far from investors who have bought stakes in the company including Facebook and Alaphabet Inc’s Google.
