Amazon in talks to buy a stake in india’s Reliance Retail: “ET

FILE PHOTO: The logo of Amazon is seen in the new warehouse during the official opening announcement, and on the outskirts of Mexico City, Mexico-July 30, 2019. REUTERS/Carlos Jasso/File Photo

BENGALURU (Reuters) – Inc. (AMZN.(O) is in preliminary talks with Reliance Industries Ltd-owned (RELI.NS), Reliance Retail, for the purchase of up to 26% stake in India’s biggest brick-and-mortar retailers, the Economic Times (ET) as reported (here) on Thursday.

Talks began with the Sound of negotiations with china’s Alibaba Group (BABA).(N) the sale of an equity interest in, the retail entity did not go through, due to differences in valuation, the financial times reported, citing two senior managers from the industry.

However, there is no certainty that the preliminary discussions will lead to a deal, according to the report.

“As a policy we do not comment on media speculation and rumours. Our company is evaluating several opportunities, on an on-going basis,” Reliance Industries said in a statement.

Amazon declined to comment.

The Seattle-based e-commerce giant, has been locked in a fierce battle for india’s market share for Walmart Inc. ‘ s (WMT.(N) Flipkart, with the two companies, the announcement of the plans in order to attract more customers in what is considered to be one of their most important markets.

Reuters reported on Monday that Amazon was planning a trip up in the burgeoning online food delivery business in India this year.

Reporting by Sankalp Phartiyal in Mumbai, and Derek Francis in Bengaluru; Editing by Rashmi Aich

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