Reliance Industries Ltd is in discussions to sell a minority stake in its retail business to Walmart Inc., with the world’s largest retailer emerging as an early candidate to pick up a stake in India’s largest retail company, according to an executive familiar with the development. The move is significant as both companies look to gird up to take on Amazon in the country’s organized retail space.
Walmart could pick up as much as 10% in Reliance Retail Ltd, according to the executive, who did not want to be named as the discussions are confidential. The executive said the deal has not been closed, with discussions continuing between the two firms.
The Morning Context could not verify the size of a potential deal between Walmart and Reliance. CLSA, the brokerage firm, had in July valued Reliance Retail at $72 billion.
Emails sent to RIL and Walmart remained unanswered.