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
