RIL Offered To Sell A $ 20 Billion Stake In The Retail Business
RIL offered to sell a $ 20 billion stake in the retail business to Amazon, According to reports, but the company declined to comment. The spokesperson of Reliance Industries has said that it is not our policy to comment on the reports going on in the media about RIL and RIL group companies.
RIL, a leading Indian business conglomerate, offered Amazon.com Inc. a sale of a stake of approximately $ 20 billion in its retail business. Bloomberg Quint quoted Bloomberg News as saying on Thursday. A Bloomberg report quoted a person aware of the matter as saying that Mukesh Ambani-led Reliance wants to sell 40 percent of its retail business to Amazon.
During the day’s trading in Mumbai, Reliance shares were seeing a gain of four percent. During the day’s trading, Reliance became the first Indian listed company to achieve a market capitalization of $ 200 billion.
According to the report, Amazon has talked about investing in Reliance Retail and has shown interest in discussing a possible deal. However, the spokesperson of Reliance Industries Limited has stated that it is not our policy to comment on the ongoing reports in the media about RIL and RIL Group companies.
We do not confirm nor deny any such transaction. The spokesperson said that we have been and will continue to disclose under SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. We appeal to the media to investigate any such speculation first.
The new report comes after Silver Lake Partners announced Wednesday a $ 1 billion investment in Reliance Retail. Reliance Retail operates more than 10,000 stores across the country. Reliance Industries is aggressively expanding its retail business.
The company is trying to attract potential investors in the next few quarters. To further strengthen its presence in the country’s retail business, the company last month announced the acquisition of Future Group’s retail, wholesale, logistics, and warehousing business for Rs 24,713 crore.
