Mukesh Ambani at Reliance Industries’ 41st
Annual General Meeting held in July said that RIL sees its biggest growth opportunity in creating a hybrid, online-to-offline new commerce platform. Ambani has been looking for an e-commerce partner and more than a month later the annual shareholder’s meeting, he have finally found the one.
Alibaba co-founder Jack Ma is said to be in talks to acquire a large stake in Ambani-led Reliance Retail with an investment of $5 billion to take on India's largest e-retail giant Flipkart and Jeff Bezos-owned Amazon, Livemint reported.
This amalgamation indicates an era of partnerships among the market giants.
With regulations limiting foreign ownership of supermarkets in India, Jeff Bezos has added Aditya Birla on speed dial. Amazon is in talks with Goldman Sachs and private equity fund Samara Capital to buy Birla’s more supermarket chain.
Recently, Jack Ma and Mukesh Ambani had a meeting in Mumbai to discuss whether Alibaba could take a large stake of 50% worth $5-6 billion in Reliance retail chain. The two are said to join hands to take on India’s largest e-commerce giants like Flipkart and Amazon.