The American e-commerce giant is in preliminary talks to acquire a 9.9% stake in Reliance Retail, local TV news channel ET Now reported Thursday afternoon, citing unnamed sources.
Reliance Retail, founded in 2006, is the largest retail chain in India. It serves over 3.5 million customers each week as of early this year through its nearly 10,000 physical stores in more than 6,500 cities and towns in the country.
Reliance Industries, which is the most valuable firm in India and operates Reliance Retail and Jio Platforms, declined to comment on the report. Amazon also declined to comment.
The reported talks between Amazon and Reliance Retail comes days