Reliance In Talks To Sell $20-Billion Stake In Retail Unit To Amazon

Reliance Industries Ltd. is looking to sell 40% stake in its retail unit to Amazon.com Inc. for $20 billion, according to a Bloomberg report.

Amazon has held discussions about investing in Reliance Retail Ventures Ltd. and has expressed interest in negotiating a potential transaction, Bloomberg reported on Thursday citing a person with knowledge of the matter.

On Thursday, RIL’s share price rose 7.10% to Rs 2,314.65 apiece on the likelihood of a Reliance-Amazon deal. The stock traded at an all-time high intraday, briefly imparting the Mukesh Ambani-controlled firm a market cap of over $200 billion—a first for an Indian company.

Source: Bloomberg