Richest Asian, Mukesh Ambani is on a shopping spree in race against Amazon
Bloomberg Mukesh Ambani, Asia’s richest man who spent the early
few months of the pandemic raising more than $20 billion by selling stakes in
his technology venture, is now on a shopping spree.
The
Indian billionaire is looking to acquire several local online retailers to help
expand product offerings, people familiar with the matter said, as he races to
build his e-commerce platform and compete against Amazon.com Inc.
Reliance
Industries Ltd, Ambani’s oil, retail and telecommunications
conglomerate, is in various stages of negotiations to either buy out or
purchase stakes in Urban Ladder, an online furniture seller, Zivame, a lingerie
maker, and Netmeds, which delivers medicine, the people said, asking not to be
identified as the talks are confidential. There’s no certainty the
deliberations may result in a deal, they added.
The
63-year-old tycoon is seeking to widen his retail footprint in a market that’s
become a hot spot for global giants such as Amazon as well as
many local rivals, all chasing a billion-plus consumers. The business mogul
last month outlined plans to rope in investors for his Reliance Retail Ltd.,
days after selling a combined 33 per cent stake in Jio Platforms Ltd. — a
digital services holding company — to partners including Facebook Inc. and
Google.
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