Reliance approaches digital unit backers to invest in retail arm: sources
By Aditya Kalra, Sankalp Phartiyal and Saeed Azhar
NEW DELHI/DUBAI (Reuters) – India’s Reliance Industries Ltd <RELI.NS> has approached merchants in its digital enterprise about doubtlessly searching for stakes in its retail arm, two sources with direct information of the matter talked about on Thursday.
The oil-to-telecoms conglomerate is wanting to attraction to additional merchants to Reliance Retail as a result of the enterprise expands rapidly on-line to deal with the likes of Walmart Inc’s <WMT.N> Flipkart and Amazon.com Inc’s <AMZN.O> Indian arm.
Earlier this yr, Reliance, managed by Asia’s richest man Mukesh Ambani, purchased virtually 33% of its Jio Platforms digital enterprise, netting better than $20 billion from corporations along with Facebook <FB.O>, Alphabet’s <GOOGL.O> Google, KKR & Co <KKR.N> and Silver Lake Partners.
Mumbai-based Reliance has approached some merchants from that deal to take stakes in the retail enterprise, …