• About
  • Contact
Sunday, January 17, 2021
Next Big Brand
  • .
  • News
  • Internet
  • Startup
  • OTT
  • Agency
  • Industries
  • FMCG
  • Automobile
  • Retail
  • Tech
  • Case Study
  • Interview
No Result
View All Result
Next Big Brand
Home News

Amazon In Talks With RIL To Buy 9.9% Stake In Reliance Retail

Pritish raj by Pritish raj
July 23, 2020
in News, Retail
3 min read
0
Amazon Reliance Retail- Next Big Brand

Amazon Reliance Retail- Next Big Brand

Share on FacebookShare on Twitter
  • In preliminary talks, the American e-commerce giant Amazon is acquiring a 9.9 percent stake in Reliance Retail given the growth of the business.

Amazon will join its global competitors Google and Facebook in funding one of Indian Billionaire Mukesh Ambani ‘s companies.

In preliminary talks, the American e-commerce giant Amazon is acquiring a 9.9 percent stake in Reliance Retail, local TV news channel ET Now announced Thursday afternoon, citing unnamed sources.

Reliance Retail, founded in 2006, is India’s biggest retail chain. As of early this year, it serves more than 3.5 million customers per week across its nearly 10,000 physical stores in more than 6,500 towns and cities throughout the country.

The confirmed talks between Amazon and Reliance Retail come days after Ambani, who is the richest man in India, said many companies had expressed interest in supporting the retail chain. Ambani’s other company, Reliance Jio Platforms, has raised more than $20 billion since April this year by selling 33 percent stake to over a dozen investors including Facebook, Google, Silver Lake, and General Atlantic.

At the Annual General Meeting of Reliance Industries earlier this month, Ambani said the firm would “induce global partners and investors in Reliance Retail in the next few quarters.”

The new company of Reliance Industries JioMart is rapidly becoming a formidable competitor for Amazon, which has spent more than $6.5 billion in its business in India, and for Walmart’s Flipkart in the last months. In April, Facebook announced it had agreed with Reliance Industries to discuss ways to partner on serving 60 million Indian mom and pop shops.

Morgan Stanley, who worked as the financial advisor to the deals of Reliance Industries for Jio Platforms, recently ranked Reliance Retail at around $29bn.

Both Amazon and Reliance Retail were also engaged in a fight to acquire the majority stake in Future Retail, India’s second-largest retail chain, according to local media reports. Last year, Amazon spent more than $100 million in Future Coupons, a collective company owned by Future Retail, to gain a 49 percent stake.

The investment, which gave Amazon a 3.58 percent stake in Future Retail, also gave it the right of first refusal to buy further stake in Future Retail both directly and through affiliates, according to the terms revealed in a legal filing by the two firms.

The two companies have also signed a “long-term partnership arrangement” in which Future Retail sells certain products online via the marketplace of Amazon India.

Shares of Reliance Industries Ltd. traded 1.81 percent up in Wednesday’s trade Around 106,462 shares changed hands on the counter.

The scrip opened at Rs 1983.8 and touched an intraday high and low of Rs 2001.75 and Rs 1960.0, respectively, in the session so far. Shares of the company of Reliance Industries Ltd. quoted a 52-week high of Rs 1978.5 and a 52-week low of Rs 867.11.

It will be interesting to see Amazon joining rivals Facebook and Google into investing in the same conglomerate.

Previous Post

Gaurav Taneja 'Flying Beast' Is Top Vlogging YouTube Channel In India

Next Post

RIL Becomes first Indian Company To Hit ₹14 Lakh Crore Market Cap

Pritish raj

Pritish raj

Pritish Raj is a content writer at Next Big Brand. Hailing from the diversified state of Bihar, he is an engineer by education who chooses the way of poetry, photography, and writing to kick off his career. Highly enthusiastic about brands and startups, he aims to be a travel content creator.

Related Posts

Under Pressure WhatsApp Delays its Controversial New Policy Update
News

Under Pressure WhatsApp Delays its Controversial New Policy Update

January 16, 2021
IndiaMart Market Cap Hits $3 Billion
News

IndiaMart Market Cap Hits $3 Billion

January 15, 2021
Digit Insurance Becomes the first Unicorn of 2021 with a total valuation of $1.9 Billion
News

Digit Insurance Becomes the first Unicorn of 2021 with a total valuation of $1.9 Billion

January 15, 2021
Trump Administration Blacklists Smartphone Giant Xiaomi and other 10 Chinese Companies
News

Trump Administration Blacklists Smartphone Giant Xiaomi and other 10 Chinese Companies

January 15, 2021
Rise of Regional OTT Platforms in India during the Pandemic Time
News

Rise of Regional OTT Platforms in India during the Pandemic Time

January 15, 2021
Ex-Star India Chairman Uday Shankar Joins Lupa Systems CEO for New Venture
News

Ex-Star India Chairman Uday Shankar Joins Lupa Systems CEO for New Venture

January 14, 2021
Next Post
Reliance Industries RIL Biggest Brand Market cap Rights Issue Donates Market Capitalization- Next Big Brand

RIL Becomes first Indian Company To Hit ₹14 Lakh Crore Market Cap

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

RECOMMENDED NEWS

Nukkad By STAGE- Next Big Brand

‘Sochne Wali Baat Hai’ is renamed to ‘Nukkad by STAGE’ After Wittyfeed Stage Merger

5 months ago
social-media-apps-next-big-brand

Ad Install Advertising Expenditure To Cross $118 billion by 2022

11 months ago
uniqlo-next-big-brand

UNIQLO Makes Its India Debut With Store Launch In Delhi

1 year ago
World's 10 Most Valuable Sports Team- Next Big Brand

Here Is the List Of World’s 10 Most Valuable Sports Teams 2019

1 year ago

FOLLOW US

  • 22.2k Fans

BROWSE BY TOPICS

2018 League amazon Amazon Great Indian Sale Amazon Prime Apple Apple Inc Automobile Industry Balinese Culture Bali United Budget Travel Champions League Chopper Bike Doctor Terawan facebook Facebook app future group hotstar Indian OTT Platforms Indian Smartphone Market Istana Negara Jio Market Stories Maruti Suzuki National Exam Netflix Netflix India Netflix Originals oppo OTT OYO Realme Reliance Industries Limited Reliance Jio RIL Samsung Tata Motors Tiktok TikTok India TikTok Videos Visit Bali Vivo whatsapp Xiaomi Xiaomi India YouTube
Next Big Brand

We Talk About Brands

Follow us on social media:

Recent News

  • Lava Mobiles: Planning a Strong Comeback in the Smartphone Industry
  • Under Pressure WhatsApp Delays its Controversial New Policy Update
  • IndiaMart Market Cap Hits $3 Billion

Instagram

Follow Me!

Latest News

Lava Mobiles: Planning a Strong Comeback in the Smartphone Industry

Lava Mobiles: Planning a Strong Comeback in the Smartphone Industry

January 17, 2021
Under Pressure WhatsApp Delays its Controversial New Policy Update

Under Pressure WhatsApp Delays its Controversial New Policy Update

January 16, 2021
  • About Us
  • Privacy Policy
  • Terms and Conditions
  • Disclaimer
  • DMCA Policy
  • Our Team
  • Contact Us
  • Sitemap

© 2019 NBB. All Rights Reserved.

No Result
View All Result
  • .
  • News
  • Internet
  • Startup
  • OTT
  • Agency
  • Industries
  • FMCG
  • Automobile
  • Retail
  • Tech
  • Case Study
  • Interview

© 2019 NBB. All Rights Reserved.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.