Reliance Industries Ltd said on Wednesday U.S. private equity firm Silver Lake Partners will invest US$1.02 billion in its retail business, ...
Reliance Industries Ltd said on Wednesday U.S. private equity firm Silver Lake Partners will invest US$1.02 billion in its retail business, helping the Mukesh Ambani-controlled company widen its lead as India's biggest retailer.
The move also sets the stage for a three-way battle between Asia's richest man, Jeff Bezos' Amazon.com Inc and Walmart Inc's Flipkart to rope in the Indian middle class customer, many of whom are newly adopting online purchases of food and groceries due to the COVID-19 pandemic.In May, Reliance launched online grocery service JioMart. It has been aggressively building its retail presence through acquisitions, moving beyond its mainstay oil and gas business.
"The real competition is going to be between Amazon, Walmart and Reliance," said Harminder Sahni of retail consultancy Wazir Advisors."Walmart is self-funded and Amazon is too, so the company to bet on now is Reliance."
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