Reliance Industries has offered to sell a roughly $20 billion or ₹1.50 lakh crore stake in its retail arm to Amazon Inc, Bloomberg News reported on Thursday.
The Mukesh Ambani-led conglomerate, which has already raised $20 billion in this year from investors including Facebook and Google, is willing to sell an up to 40% stake in the retail business to Amazon, the report said.
Asia’s richest man, Ambani is turning his focus toward retail after successfully building India’s top telecom network in less than four years.
Middle East sovereign wealth funds, including the Abu Dhabi Investment Authority (ADIA) and Saudi Arabia's Public Investment Fund (PIF) are also in talks to buy stakes in the retail arm of Reliance Industries, as per a Financial Times report.
ADIA may invest about $750 million, while PIF could funnel as much as $1.5 billion into Reliance Retail.
Private equity firm Silver Lake would also invest ₹7,500 crore or around $1 billion in Reliance Retail, RIL announced on Wednesday.