Categories: Business

Reliance will give a tough fight to Amazon and Flipkart, Mukesh Ambani prepares to buy retail e-commerce companies

Photo: FILE PHOTO

Reliance Retail acquire a majority equity stake in digital e-retail companies

new Delhi. Mukesh Ambani, India's richest and head of Reliance Industries, has drawn up plans to acquire a number of e-commerce companies to strengthen its hold in retail e-commerce and toughen up Amazon and Flipkart. Through this scheme, Ambani wants to strengthen its reach in the retail online sector. This is seen as a new battle for India's hot e-commerce retail market.

Mukesh Ambani's Reliance Industries Limited announced late Tuesday that it would acquire majority stake in Digital Pharma platform Netmeds for Rs 620 crore. This announcement by Reliance comes after Amazon recently launched Amazon Pharmacy. Apart from this, RIL is also in talks to buy or acquire a stake in furniture outlet Urban Ladder, the Lounge brand Jivame.

According to reports, Reliance may pay $ 160 million for Jivame, while the Urban Ladder deal could be for $ 30 million. Apart from this, there is a discussion that Reliance can also buy milk delivery company MilkBasket. Ambani has raised more than $ 20 billion by selling stake in Jio platform. They can use it to buy domestic e-commerce companies.

It is being told that RIL is also preparing to acquire the entire or part of the retail assets of Kishore Biyani's Future Group. RIL has previously clarified that it is unable to comment on speculation and rumors on a deal to acquire Future Group's retail businesses. RIL also responded in clarification to the stock exchanges on a possible deal with Future Group. RIL said it would like to clarify that we are unable to comment on media speculation and rumors and it would be unfair for us to do so.

This post was published on August 19, 2020 10:41 am

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