• Privacy Policy
  • About Us
  • Contact Us
  • Home
  • Business
  • Computers
  • Gear
  • Real Estate
  • Review
  • Technology
No Result
View All Result
  • Home
  • Business
  • Computers
  • Gear
  • Real Estate
  • Review
  • Technology
No Result
View All Result
Cartographeum
No Result
View All Result

Reliance Denies Plans to Sell $20-Billion Retail Arm Stake to Rival Amazon

Juliet Woodard by Juliet Woodard
September 12, 2020
Home Technology
Share on FacebookShare on Twitter

Indian conglomerate Reliance denied a report Thursday that it was planning to sell a $20-billion (roughly Rs. 1,46,959 crores) stake in its retail business to US rival Amazon in a deal that could upend the country’s hugely lucrative e-commerce sector.The report published by Bloomberg on Thursday said that Reliance, owned by Asia’s richest man Mukesh Ambani, had offered Amazon a 40 percent stake in its retail subsidiary RRVL, citing an unidentified person with knowledge of the matter.The deal, which would have been the largest for India and for the Silicon Valley behemoth according to Bloomberg data, would have shaken up the South Asian nation’s retail sector, transforming the relationship between two firms that have spent months locked in frenzied competition.But a source at the Indian oil-to-telecoms giant disputed the report, which sent Reliance shares up by more than seven percent in Mumbai, calling it “inREFcorrect”.”It makes no sense for both the parties to establish partnerships or collaborations,” the source told AFP on condition of anonymity.An Amazon spokeswoman declined to comment on the report.Reliance has been fighting Amazon and Walmart-backed Flipkart for a share of India’s online market, establishing its digital platform Jio Mart in May.After spending years battling local mom-and-pop shops for customers, the retail giants are now trying to work hand-in-hand with the smaller stores that dominate India’s towns and hinterlands to bring them online.Reliance last month announced its acquisition of the retail, wholesale and logistics businesses of India’s Future Group, which owns some of the country’s best-known supermarket brands, adding around 1,800 stores to its portfolio.Future Group’s founder Kishore Biyani, was once known as India’s retail king, but has struggled in recent years, with the coronavirus pandemic dealing a heavy blow to his empire.Is Android One holding back Nokia smartphones in India? We discussed this on Orbital, our weekly technology podcast, which you can subscribe to via Apple Podcasts, Google Podcasts, or RSS, download the episode, or just hit the play button below.

Juliet Woodard

Juliet Woodard

Next Post
Realme 7 OTA Update Brings August 2020 Security Patch, Camera Improvements, More

Realme 7 OTA Update Brings August 2020 Security Patch, Camera Improvements, More

Leave a Reply Cancel reply

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

Recommended.

Oppo F17 Pro Diwali Edition Launched in India: Price, Sale Offers

Oppo F17 Pro Diwali Edition Launched in India: Price, Sale Offers

October 19, 2020
BepiColombo Space Probe Makes First Venus Fly-by on Way to Mercury

BepiColombo Space Probe Makes First Venus Fly-by on Way to Mercury

October 15, 2020

Trending.

Understanding Emergency Rental Assistance For Landlords And Tenants

Understanding Emergency Rental Assistance For Landlords And Tenants

January 27, 2021
Call of the mall – The Hindu

Call of the mall – The Hindu

October 16, 2020
Rock Legend Gene Simmons Kisses His California Estate And High Taxes Goodbye

Rock Legend Gene Simmons Kisses His California Estate And High Taxes Goodbye

November 1, 2020
Should You Consider A Career As An Apartment Lease-Up Specialist?

Should You Consider A Career As An Apartment Lease-Up Specialist?

February 4, 2021
Webinar on weather and its impact on business on November 19

Webinar on weather and its impact on business on November 19

November 16, 2020

Cartographeum brings you the latest information about Tech,Real Estate & Business.

Follow Us

Categories

  • Business
  • Computers
  • Gear
  • Real Estate
  • Review
  • Technology
  • Uncategorized

Tags

Amazon Apple Watch 2 Bombay stock exchange BSE Business Buying Guides china closing trade coronavirus Covid COVID-19 currency dollar rate economy Finance Ministry foreign exchange forex gold india indian economy Indian stock market Industry iOS 10 lockdown luxury homes market and exchange markets nifty Nirmala Sitharaman NSE oil pandemic Playstation 4 Pro rbi real estate Reserve Bank of India rupee rupee rate Rupee value rupee vs dollar sensex Sillicon Valley stock exchange Stocks USD

Recent News

Sellers, Price Right Or Prepare To Wait

Sellers, Price Right Or Prepare To Wait

March 3, 2021
Housing Affordability Inches Down, Despite Record-Low Mortgage Rates

Mortgage Rates Hit Highest Point Since Last July; Will They Keep Rising?

March 3, 2021
  • Privacy Policy
  • About Us
  • Contact Us

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Home
  • Review
  • Computers
  • Gear

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.