Reports suggest that the Indian corporate giant Reliance Industries is willing to sell shares worth around $20 billion (approximately ₹1,45,000 crores) in its retail branch to the shopping platform Amazon Inc. Reliance’s retail branch, Reliance Retail, has more than 10,000 stores in India that sell all sorts of amenities.
As per the report, a person, opting to remain anonymous, who is aware of this development also said that Reliance plans to sell nearly 40% within its retail business over to Amazon. Reliance also reached $200 billion valuations on Thursday and became the only Indian company to have reached this mark.
The value of Reliance’s stocks has been on a constant rise. As of writing, Reliance’s shares are at 6.95%, or 150.25 points, or at ₹2,311.60. this rise in stocks came once the company announced that it would invite investors from other firms and sovereign wealth funds.
Reliance’s market capitalisation passed $200 billion (approximately ₹14,50,000 crores) on Thursday and became the only Indian corporation to have this high market capitalisation. Market capitalisation is considered as the total worth of a company. Market capitalisation is calculated from the product of the company’s total shares and the value of each.
Earlier on Wednesday, an investment of $1 billion (₹7,337 crores) was made by Silver Lake Partners in Reliance Retail. Neither Amazon nor Reliance has made any response regarding the matter.