Indian billionaire Mukesh Ambani’s Reliance Industries Limited is offering to sell a $ 20 billion stake in its retail business to Amazon.com. This has been reported from the Bloomberg report. According to Bloomberg, Amazon has discussed investing in the group’s Reliance Retail Ventures Ltd unit and has shown interest in negotiating possible transactions. A person told Bloomberg that Reliance Industries, based in Mumbai, is ready to sell a 40 percent stake.
According to the report, a big retail body will be formed in India after the deal is successful. With this, Jeff Bezos and Asia’s richest person will partner with rival in one of the biggest deals in the fast growing consumer market in the world. According to the data submitted by Bloomberg, at $ 20 billion, it could be the biggest deal in India so far and can remain for Amazon.
After the news of Bloomberg, Reliance Industries shares rose and they reached their highest level. The stock gained 4.2 per cent at 12.08 pm. On the expectation of higher capital inflows, the Indian rupee rose 0.5 per cent to 73.1588 per dollar.