Business News

Amazon.Com Reportedly Plans To Acquire Reliance Retail With 26 Percent Stake

amazon-com-reportedly-plans-to-acquire-reliance-retail-with-26-percent-stake

Amazon.com reportedly plans to acquire Reliance Retail with 26 percent stake via India’s greatest brick-and-mortar, the Economic Times (ET) Thursday. Talks started after Reliance’s negotiations with China’s Alibaba Group to sell a stake in the retail entity fell through because of contrasts over valuation, the financial daily announced refering to two major industry executives.

Since, there is no assurance the underlying talks will prompt a deal, as per the report. Amazon denied to remark. The Seattle-based internet business giant has been occupied with a pitched fight for Indian market share against Walmart’s Flipkart, with the two organizations declaring different designs to draw in more customers in what is seen as one of their most significant development markets.

Amazon was arranging a raid into the thriving on the burgeoning online food delivery service in India this year. Amazon is planning to dispatch the new service delivering from cafés in front of India’s month-long season of festival, which begins in September, one of the sources said.

India’s rising middle class has driven the development of the online food delivery division, with research firm RedSeer Consulting saying here order numbers rose 176 percent in 2018. The business is overwhelmed by local new companies such as Swiggy, sponsored by Naspers and Tencent, and Zomato, which considers Sequoia a speculator.

Reliance Industries said in a statement, “As a policy, we do not comment on media speculation and rumours. Our company evaluates various opportunities on an ongoing basis.”

 

About the author

Mariah Janulis

Mariah Janulis

Mariah is a senior editor, front-end/iOS engineer, and woman of color. She majored in Information Technology but soon realized writing was her true passion. Amelia enjoys writing about pop culture, technology, and international news. In her spare time, if she isn’t asleep, you can find her binge-watching her favorite TV shows or trying to find the perfect skincare routine.
Email:mariah@yourtelecast24.com