Amazon.com Inc has recently been in talks with Reliance Industries' retail unit to buy a stake in India's biggest brick-and-mortar retailer, a Reuters report has said.
It is held that the said partnership will help the duo counter Walmart, which last year invested $16 billion in Flipkart -- further helping them in their battle for a bigger share of India's fast-growing e-commerce market.
Reliance, in late December, had got a major push after the government modified rules around foreign direct investment (FDI) in e-commerce, creating additional hurdles for companies such as Amazon and Flipkart.
Another source, according to Reuters, said Amazon had been pondering a proposal to purchase an up to 26 per cent stake in the Reliance unit since at least February.
Reliance was previously in talks with China's Alibaba to sell a stake in Reliance Retail, but a deal could not be sealed due to differences in valuation.
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