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Chinese E-Commerce Giant Alibaba In Talks With Reliance Retail To Buy Up To 50 Per Cent Stake For $5 Billion
Jack Ma, head of Chinese e-commerce giant Alibaba.
Chinese e-commerce giant Alibaba is in talks with Mukesh Ambani’s Reliance Retail to form a joint venture with an investment of $5 billion.
The Chinese behemoth has offered to acquire a large stake in Reliance Retail to take on India's largest e-retail giant Flipkart and Jeff Bezos-owned Amazon.
The ongoing talks indicate that India’s e-retail space is likely to continue growing at a fast pace and the competition in the e-retail space is likely to increase.
If a deal is signed, it will be Alibaba’s largest investment in an Indian company. Reliance Retail is the largest retailer in India in terms of revenue.
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