Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.
BREAKING NEWS

Amazon in talks to buy stake in India's Reliance Retail - ET

Amazon in talks to buy stake in India's Reliance Retail - ET
FILE PHOTO: The logo of Amazon is seen at the company logistics centre in Boves, France, January 19, 2019. REUTERS/Pascal Rossignol/File Photo GLOBAL BUSINESS WEEK AHEAD -
Copyright
Pascal Rossignol(Reuters)
Euronews logo
Text size Aa Aa

BENGALURU (Reuters) – Amazon.com Inc is in exploratory talks with Reliance Industries Ltd-owned Reliance Retail for buying up to 26% stake in India’s biggest brick-and-mortar retailer, the Economic Times (ET) reported https://economictimes.indiatimes.com/industry/services/retail/amazon-may-shop-for-stake-in-reliance-retail/articleshow/70474456.cms on Thursday.

Talks began after Reliance’s negotiations with China’s Alibaba Group to sell a stake in the retail entity fell through due to differences over valuation, the financial daily reported citing two senior industry executives.

However, there is no certainty the initial discussions will lead to a deal, according to the report.

Amazon has been engaged in a pitched battle for Indian market share against Walmart Inc’s Flipkart, with both companies announcing various plans to attract more customers in what is viewed as one of their most important growth markets.

Reuters reported on Monday that the Seattle-based ecommerce giant was planning a foray into the burgeoning online food delivery business in India this year.

Both Amazon and Reliance did not immediately respond to Reuters’ requests for comments.

(Reporting by Derek Francis in Bengaluru; Editing by Rashmi Aich)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.