Shares of the company were up 6.2 per cent in midday trading in Mumbai after hitting a record intraday high.
Asia’s richest man, Mukesh Ambani is turning his focus toward retail after successfully building India’s top telecom network by customers in less than four years, hoping to take a dominant position as India’s huge consumer market comes of age.
It has been reported that the oil-to-telecoms conglomerate is offering to sell a roughly $20 billion stake in its retail arm to Amazon.com Inc.
The report, citing one unnamed person with knowledge of the matter, added that billionaire Ambani-led Reliance is willing to sell an up to 40 per cent stake in the retail business to Amazon.
Reliance Retail, with close to 12,000 stores selling a wide range of products, acquired rival Future Group’s retail arm last month and on Wednesday announced a $1 billion investment from Silver Lake Partners.
(With agency inputs)