Amazon’s substantial online presence may help bolster Reliance’s consumer and private brands business. 16 billion in India’s Flipkart, in the battle for a more impressive share of India’s fast-growing e-commerce market. December In late, India modified rules around foreign immediate investment (FDI) in e-commerce, creating additional hurdles for companies such as Amazon and Flipkart, and offering companies such as Reliance an advantage. Amazon got made the proposal to Reliance – managed by Mukesh Ambani, India’s richest man – for the partnership, but it had not been clear whether a deal would materialize, said one of the sources.
The second source said Amazon have been pondering a proposal to buy an up to 26% stake in the Reliance unit since at least February. Reliance’s roughly 40 brands and grocery store products go online. Further information on the possible deal, first reported by India’s Economic Times newspaper on Thursday, were not immediately clear.
Amazon, on Thursday which declined to comment, did not immediately respond to request for comment on Friday. Reliance on Friday pointed to its Thursday statement, which said any disclosures would be made because of it to stock exchanges as and when necessary. Reliance may potentially leverage Amazon’s global experience in technology, supply chain and logistics as it aims for connecting grocery stores across the country digitally through its Jio telecoms network – the largest in India by subscribers. For Amazon, picking up a stake in a Reliance unit could suggest getting access to the Jio telecoms system and its huge retail footprint greater than 10,600 stores across India.
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It may also add more firepower to their lobbying efforts, as the Ambani family can be regarded as being well-connected politically. Reliance once was in talks with China’s Alibaba to sell a stake in Reliance Retail, but a deal cannot be sealed due to differences in valuation, according to a person acquainted with the problem.
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