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Amazon in talks to buy stake in Reliance Retail

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Amazon.com is in preliminary talks to acquire a 9.9 per cent stake in Indian billionaire Mukesh Ambani's retail venture, ET Now reported, citing unidentified people.

[MUMBAI] Amazon.com is in preliminary talks to acquire a 9.9 per cent stake in Indian billionaire Mukesh Ambani's retail venture, ET Now reported, citing unidentified people.

Asia's richest man and the chairman of Reliance Industries told shareholders last week that Reliance Retail is getting inquiries from investors and may start bringing some on board in the coming months.

"We've received strong interest from strategic and financial investors in Reliance Retail," Mr Ambani told shareholders. "We will induct global partners and investors in Reliance Retail in the next few quarters."

Mr Ambani's dealmaking has lured about US$20 billion of investments from Google to Facebook into his digital platform in recent months. The 63-year-old tycoon has identified technology and retail as future growth areas in a pivot away from the energy businesses he inherited from his father who died in 2002.

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