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Source: Gramho

Amazon is in talks to buy a 9.9% stake in the retail arm of Indian conglomerate Reliance Industries.

It said that Amazon wants a preferred, strategic stake in Reliance Retail for JioMart.

JioMart, the e-commerce venture of Reliance’s retail arm, was launched in May and poses a formidable challenge to Amazon’s local unit and Walmart’s Flipkart.

Earlier this year, Amazon India launched a program to add small local shops on its platform after India went into a lockdown to curb the spread of the coronavirus outbreak.

Reliance, controlled by Asia’s richest man, Mukesh Ambani, has raised around $20 billion since late April for its digital arm, including from Alphabet’s Google and Facebook.

Source: The Economic Times

 



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