Reliance refutes reports revealing plans for major deal with Amazon

10:30:00 AM, Friday 11th of September 2020 | in business

Asia's richest man Mukesh Ambani-owned Reliance Industries Limited has refuted the reports that said the firm was planning to sell a $20 billion stake in its retail business to US rival Amazon in a deal that could turn two heavyweight rivals into allies. A report published yesterday had said that Reliance had offered Amazon a 40-percent stake in its retail subsidiary RRVL. Reliance said "it makes no sense" to partner with Amazon.