Amazon in talks to buy 9.9% stake in Reliance retail arm – ET Now – Yahoo Finance
BENGALURU (Reuters) – Amazon.com Inc is in talks to buy a 9.9% stake in the retail arm of Indian conglomerate Reliance Industries Ltd, ET Now reported on Thursday, citing sources.
Amazon wants a preferred, strategic stake in Reliance Retail for JioMart, according to tweets by the television channel.
JioMart, the e-commerce venture of Reliance’s retail arm, was launched in May and poses a formidable challenge to Amazon.com’s local unit and Walmart Inc’s Flipkart.
Earlier this year, Amazon Indi…