Amazon has reportedly started talks with India's Reliance Industries to buy a 26% stake in its retail division. The deal would be the first time that an Indian company had bought into Amazon's global business. In turn, Reliance could help Amazon gain access to Jio and to its chain of over 10,600 stores across India. Reliance Industries' shares were down 1.1% around mid-day trading in Mumbai on Thursday, in line with a decline in the benchmark Nifty index .NSEI. Amazon has been looking to expand its share in India's e-commerce market, which Deloitte estimated will more than treble between 2017 and 2021 to $84bn.
Amazon has reportedly started talks with India's Reliance Industries to buy a 26% stake in its retail division. The deal would be the first time that an Indian company had bought into Amazon's global business. In turn, Reliance could help Amazon gain access to Jio and to its chain of over 10,600 stores across India. Amazon has been looking to expand its share in India's e-commerce market, which Deloitte estimated will more than treble between 2017 and 2021 to $84bn.