After selling stake to Silver Lake Partners, Reliance Industries Limited (RIL) is holding talks with multiple investors to raise funds for its retail business. The latest is with Amazon, stated a report.
According to the BloombergQuint report, RIL is mulling over selling around 40 per cent stake in its retail unit to Amazon. This is expected to be a USD 20 billion deal. However, in July 2020, ET now reported that Amazon was looking at picking up 9.9 per cent stake in Reliance Retail. But now, the stakes are literally high.
In January 2020, Amazon boss Jeff Bezos had announced an investment of USD 1 billion in the Indian market in digitising small and medium businesses. However, post the pandemic, there are chances that equations or strategies are sorted to change.
Founded in 2006, Reliance Retail is the largest retail chain in India. It is present in more than 6,500 cities and towns in the country.
This news has left the RIL shares to rise further. At 12.44 pm, RIL share is priced at Rs 2,331.74 per piece. It opened at Rs 2,183.10.
The fundraising process gained momentum after Mukesh Ambani-led Reliance Industries’ subsidiary Reliance Retail Ventures Limited (RRVL) decided to acquire the retail, wholesale, logistics, warehousing business from the Future Group. This acquisition at a cost of Rs 24,713 crore.