Reliance Retail LTD. runs more than 10,000 outlets in India selling apparel, groceries, and electronics. According to the agency report Bloomberg, Reliance offered to buy 40% of Reliance Retail Arm to Amazon Inc for $20 billion.
Billionaire Mukesh Ambani, who led oil-to-telecoms conglomerate, raised $20 billion funding this year through Facebook and Google and now Mukesh Ambani has offered Reliance Retail’s 40 percent stake to Amazon, which is worth $20 billion. Despite the agency’s request, neither Reliance and nor Amazon has commented on this matter.
Mr. Mukesh Ambani, Asia’s wealthiest person is now looking to capture the market in retail stores, After made India’s top telecom company Reliance Jio successful within four years. A few days ago the report was coming or that Amazon is to invest its money in Reliance and it also shows its interest, but Amazon has not made any decision. According to Bloomberg’s report.
Reliance Retail is going to complete the stores about 12000 and together last month Reliance Retail acquired Rival Future Group’s retail arm and On Wednesday Silver Black partner invest around $1 billion. Also, The company became the Indian first firm to cross $200 billion valuations.