Amazon in talks to buy stake in RIL’s retail arm
Bengaluru, July 23
Amazon.com Inc is in talks to buy a 9.9% stake in the retail arm of Reliance Industries Ltd, a TV channel reported on Thursday, citing sources.Amazon wants a preferred, strategic stake in Reliance Retail for JioMart, according to tweets by the television channel.
JioMart, the e-commerce venture of Reliance’s retail arm, was launched in May and poses a challenge to Amazon.com’s local unit and Flipkart. Earlier this year, Amazon India launched a programme to add small local shops on its platform after India went into a lockdown to curb the spread of the coronavirus outbreak. — Reuters
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