Amazon is in preliminary talks with Mukesh Ambani, India’s richest man, to buy a 9.9 per cent stake in its retail giant reliance retail, according to an anonymous person familiar with the matter. Ambani, chairman of Reliance Industries in India, has told shareholders that reliance retail, its retail subsidiary, has received investor advice and is likely to introduce new investments in the coming months, according to people familiar with the matter.
Ambani told shareholders, “strategic and financial investors are very interested in reliance retail and we will bring in global partners and investors for it in the next few quarters.”
in recent months, Ambani’s digital platform has attracted about $20 billion from Google and Facebook. The 63 year old tycoon has identified technology and retail as future growth areas to get rid of his dependence on the energy business he inherited from his late father.