Ambani on the prowl to acquire e-commerce firms

New Delhi, August 18

Mukesh Ambani is looking to expand his retail footprint by acquiring several e-commerce players. This is being seen as a precursor to the ongoing battle with Amazon for India’s hot e-commerce retail market.

Mukesh Ambani’s Reliance Industries Ltd (RIL) is in discussions to acquire or buy stakes in furniture outlet, Urban Ladder, lingerie brand, Zivame, and online pharma store, Netmeds.

As per reports, RIL could pay as much as $160 million for Zivame while the Urban Ladder deal could be pegged at around $30 million and Netmeds at $120 million. Milkbasket, a milk company, is also said to be one of the targets. Ambani has raised more than $20 billion by selling equity stake in Jio Platforms.

RIL is also said to be in talks to acquire full or parts of Kishore Biyani’s Future Group’s retail assets. — IANS