- Briefing Your roundup of Asian tech and startup news that matter
Doris Yu · · 1 min readReliance Industries reportedly to offer Amazon $20b stake in retail unit
The parent company is willing to sell up to a 40% stake in Reliance Retail to the ecommerce giant. Amazon has held talks with the company and expressed its interests for a potential deal. However, nothing has been settled yet, the source added.
“As a policy, we do not comment on media speculation and rumors,” a Reliance spokesperson said in an emailed response to Bloomberg. “Our company evaluates various opportunities on an ongoing basis. We have made and will continue to make necessary disclosures in compliance with our obligations.”
If the deal succeeds, it could help Reliance create an ecommerce giant like China’s Alibaba Group.
The news comes shortly after the retail unit announced it would receive US$1 billion in a funding round from US-based investment firm Silver Lake, which valued it at US$57 billion pre-money.
US-based investment firm KKR is also in talks to invest at least US$1 billion in the company, while L Catterton is considering to invest as well, the report added.
With 12,000 stores nationwide, Reliance Retail reported a consolidated turnover of US$21.7 billion and a net profit of US$726.4 million for the year ended March 31 this year.
Editing by Jaclyn Teng
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
