Indian billionaire Mukesh Ambani’s Reliance Industries Ltd. is offering to sell a roughly $20 billion stake in its retail business to Amazon.com Inc., according to a person with knowledge of the matter. Mukesh Ambani, which has already raised $20 billion in this year from investors including Facebook and Google, is willing to sell an up to 40 percent stake in the retail business to Amazon, the agency reported.
Mukesh Ambani who has already built India's top telecom network by customers in less than four years, is now is turning his focus toward retail market.
If this deal would be successful it will not only create a retail behemoth in India but will also turn Jeff Bezos and Asia’s richest man from rivals into allies in one of the fastest-growing consumer markets in the world.
Reliance Industries Share Price
The stock of Reliance Industries surged 4.2% as of 12:08 p.m. in Mumbai. Reliance shares also Hit Record High, Market Value Tops ₹ 14 Lakh Crore For First Time. Currently, Reliance Industries is the only Indian company to hold a double-digit lakh crore market value in rupee terms.
Mukesh Ambani has already dominated the telecom sector with Jio in less than four years and now is pushing ahead to consumer-services. At $20 billion, the deal would be the biggest ever in India as well as for Amazon, according to data compiled by Bloomberg. If Amazon decides to come in with a big stake in Reliance Retail, it is effectively buying into its biggest competitor.