Chinese E-Commerce Giant Alibaba In Talks With Reliance Retail To Buy Up To 50 Per Cent Stake For $5 Billion

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.

According to Business Today, Alibaba may buy up to 50 per cent stake in the firm. Group executive chairman Jack Ma had met the Reliance Industries chairman in July. Goldman Sachs is advising Alibaba on the proposed venture.

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.