New Delhi, September 10
Reliance Industries Ltd is reported to have provided a 40% stake in its retail arm price about $20 billion to Amazon.com, Inc.
- According to a report, Reliance is “willing to sell as much as a 40% stake in the subsidiary to Amazon” and the deal measurement at $20 billion can be the largest ever in India
- Both Reliance and Amazon refused to touch upon the report
Bloomberg News, citing a supply, reported that “Amazon has held discussions about investing in the conglomerate’s Reliance Retail Ventures Ltd unit and has expressed interest in negotiating a potential transaction.” The report went on to say that Reliance was “willing to sell as much as a 40% stake in the subsidiary to Amazon” and the deal measurement at $20 billion can be the largest ever in India. Both Reliance and Amazon refused to touch upon the report.
“In light of a high incidence of speculative media queries and incorrect and ex parte media articles relating to purported capital transactions into Reliance Industries or our group companies, we would like to reiterate that as a policy, we do not comment on media speculation and rumours and we cannot confirm or deny any transaction which may or may not be in the works,” Reliance stated in its revised electronic mail response. An identical response was additionally despatched to inventory exchanges.
“Our company evaluates various opportunities on an ongoing basis,” it stated. “We have made and will continue to make necessary disclosures in compliance” with itemizing necessities.
Bloomberg within the report additional said that Amazon hasn’t made any closing resolution on the dimensions of its potential funding and that talks may nonetheless disintegrate. Commenting on the problem, Credit Suisse stated if the deal fructifies, then it will convey collectively the most important offline and on-line retailers in India. — PTI