RIL Responds To Media Reports Of Stake Sale In Reliance Retail To Amazon

Late on Thursday, Reliance Industries Limited (RIL) replied to BSE's query seeking clarification on the news reports that suggested that Amazon is in talks with the conglomerate to offer $20 billion for a stake in its subsidiary Reliance Retail.

"We would like to reiterate that as a policy, we do not comment on media speculation and rumours and we cannot confirm or deny any transaction which may or may not be in the works," it said in a statement.

"Our company evaluates various opportunities on an ongoing basis. We have made and will continue to make necessary disclosures in compliance with our obligations under Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015 and our agreements with the stock exchanges," it added.

On Thursday, Bloomberg News citing a source reported that "Amazon has held discussions about investing in the conglomerate's Reliance Retail Ventures Ltd unit and has expressed interest in negotiating a potential transaction".

The report further said that Reliance was "willing to sell as much as a 40 percent stake in the subsidiary to Amazon" and the deal size at $20 billion would be the biggest ever in India.

Amazon was an investor in Future Group, whose retail and wholesales businesses have been acquired by Reliance Retail late last month for Rs 24,713 crore.

On 9 September, RIL announced the divestment of 1.75 percent stake in its retail arm to private equity firm Silver Lake Partners for Rs 7,500 crore.

Shares of the Mukesh Ambani led conglomerate hit a new all-time high of Rs 2,343.90 on BSE after the news report surfaced.