Reliance speculates to sell 40 percent stake in its retail business to Amazon

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New Delhi: There is speculation in the media about Reliance Industries Ltd (RIL) selling a 40 percent stake in its retail arm ‘Reliance Retail’ to Amazon. The deal is likely to be $ 20 billion. A news agency quoted its source as saying that Amazon had talked about investment in RIL’s retail business arm ‘Reliance Retail Ventures Ltd’ and showed interest in a possible investment.

The report further states that Reliance wants to sell up to 40 percent stake in its unit to Amazon. The deal could be worth $ 20 billion. This will be the largest disinvestment deal ever in India. However, both Reliance and Amazon have refused to comment on this report.

Reliance said in its response to the email, “Reliance Industries or its group companies have a policy of not commenting on unilateral, erroneous and fictitious reports on capital deals.” We neither confirm nor deny any such deal on which negotiations are or are not going on. ” The company has sent a similar response to the stock markets. Reliance said that the company is constantly evaluating various opportunities.

The company complies with the listing obligation and the rules of making the information public and will continue to provide mandatory information. Reliance has said that through this message, we appeal to the media to carefully scrutinize such fabricated information and protect ourselves and our readers from publishing such misleading and confusing reports. They may also have many retail investors in the company.

Amazon also has investments in the Future Group. Reliance Industries acquired Future Group’s business at the end of last month for Rs 24,713 crore. Reliance on Wednesday also announced the sale of 1.75 per cent stake in Reliance Retail to Sylver Lake for Rs 7,500 crore. The company said that more such sales could happen. However, according to the report, Amazon has not taken any final decision on the size of its potential investment.

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