Live
- Accused in stone pelting case arrested
- AAP Nominates Mayor and Deputy Mayor Candidates For Delhi MCD Elections
- Hyderabad: Eatala, Raghunandan, DK Aruna file nomination papers
- Chandrababu to hold Praja Galam election campaign in Kurnool today
- Rajasthan CM casts his vote, says BJP will repeat history
- Ex-MP CM Kamal Nath, son Nakul Nath cast votes in Chhindwara
- Hyderabad: HC directs police to permit Hanuman Vijaya Yatra rally with 100 bikes on April 23
- LS polls: PM Modi to campaign in UP, MP and Maharashtra today
- ‘Narmada Pushkara Kshetra Darsini’ book released
- Gold rates in Delhi slashes, check the rates on 19 April 2024
India's biggest ever deal on the cards!
India’s biggest ever deal on the cards!
Reliance Industries Ltd (RIL) is reported to have offered a 40 per cent stake in its retail arm worth about $20 billion to Amazon.com, Inc.
New Delhi : Reliance Industries Ltd (RIL) is reported to have offered a 40 per cent stake in its retail arm worth about $20 billion to Amazon.com, Inc. Bloomberg News citing a source reported that "Amazon has held discussions about investing in the conglomerate's Reliance Retail Ventures Ltd unit and has expressed interest in negotiating a potential transaction." The report went on to say that Reliance was willing to sell as much as a 40 per cent stake in the subsidiary to Amazon and the deal size at $20 billion would be the biggest ever in India. Both Reliance and Amazon refused to comment on the report.
"In light of a high incidence of speculative media queries and incorrect and ex parte media articles relating to purported capital transactions into Reliance Industries or our group companies, we would like to reiterate that as a policy, we do not comment on media speculation and rumours and we can't confirm or deny any transaction which may or may not be in the works," Reliance said in its revised email response.
A similar response was also sent to stock exchanges. The company evaluates various opportunities on an ongoing basis, it said, adding that the company has "made and will continue to make necessary disclosures in compliance" with listing obligations and disclosure requirements. "Vide this communication, we appeal to the media to carefully examine any such speculative information and safeguard themselves and their readers, many of whom are individual retail investors, from publishing/recycling unfounded and/or incorrect news," Reliance said.
Amazon was an investor in Future Group, whose retail business was acquired by Reliance late last month for Rs 24,713 crore. On September 9, RIL announced the divestment of 1.75 per cent stake in the retail arm to private equity firm Silver Lake Partners for Rs 7,500 crore.
More such stake sales are in offing. Bloomberg in the report further stated that Amazon hasn't made any final decision on the size of its potential investment and that talks could still fall apart. Commenting on the issue, Credit Suisse said if the deal fructifies, then this will bring together the largest offline and online retailers in India.
