Amazon is in preliminary talks to buy a 9.9% stake in Indian billionaire Mukesh Ambani’s retail venture, ET Now reported, citing people familiar with the matter.
During Reliance Industries’ annual general meeting earlier this month, Ambani reportedly said that Reliance Retail Ltd. is getting inquiries from investors and may start bringing some on board in the coming months.
Ambani’s other venture, Reliance Jio Platforms, has secured more than $20 billion of investments from a dozen investors including Facebook, Google, Silver Lake, and General Atlantic in recent months.
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