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Amazon in talks with India's Reliance Retail for stake purchase: sources


Added 08-02-19 09:03:01am EST - “Amazon.com Inc is in talks with Reliance Industries Ltd's retail unit to bu...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Amazon in talks with India's Reliance Retail for stake purchase:...”. Below is an excerpt from the article.

NEW DELHI (Reuters) - Amazon.com Inc (AMZN.O) is in talks with Reliance Industries Ltd’s (RELI.NS) retail unit to buy a stake in India’s biggest brick-and-mortar retailer, two sources with knowledge of the talks told Reuters on Friday.

Amazon’s massive online presence could help bolster Reliance’s consumer and private labels business. More importantly, a potential partnership will help the duo counter Walmart (WMT.N), which last year invested $16 billion in India’s Flipkart, in their battle for a bigger share of India’s fast-growing e-commerce market.

In late December, India modified rules around foreign direct investment (FDI) in e-commerce, creating additional hurdles for companies such as Amazon and Flipkart, and giving companies such as Reliance an edge.

Amazon had made the proposal to Reliance for the partnership, but it was not clear whether a deal would materialize, said one of the sources.

The second source said Amazon had been pondering a proposal to purchase an up to 26% stake in the Reliance unit since at least February.

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