Amazon in talks to buy 9.9% stake in Reliance retail arm

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Amazon in talks to buy 9.9% stake in Reliance retail arm

Amazon.com Inc is reportedly in talks with RIL to buy a 9.9% stake in Reliance retail e-commerce venture JioMart which was launched in May. JioMart is believed to be a formidable challenge to Amazon.com’s local unit and Walmart Inc’s Flipkart.

According to citing sources, Amazon is looking for a strategic stake and preferential access in Reliance Retail for JioMart.

We can surely say the Reliance Industries is now “in its golden decade”, as the Chairman surpassed expert American investor Warren Buffett to take the fifth spot on the real-time ranking by Forbes, which estimated Mr.Ambani’s wealth at $75 billion as his group became net debt-free way ahead of its target of March 2021.

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