Reliance Industries Ltd is reported to have offered a 40 per cent stake in its retail arm worth about USD 20 billion to Amazon.Com, Inc.
Bloomberg News citing a source reported that “Amazon has held discussions about investing in the conglomerate’s Reliance Retail Ventures Ltd unit and has expressed interest in negotiating a potential transaction.”
The report went on to say that Reliance was “willing to sell as much as a 40 per cent stake in the subsidiary to Amazon” and the deal size at USD 20 billion would be the biggest ever in India.
Both Reliance and Amazon refused to comment on the report.
“We would like to reiterate that as a policy, we do not comment on media speculation and rumours and we cannot confirm or deny any transaction which may or may not be in the works,” Reliance said in an email response. A similar response was also sent to stock exchanges. “Our company evaluates various opportunities on an ongoing basis,” it said. “We have made and will continue to make necessary disclosures in compliance” with listing requirements.
