Amazon has been in talks with Reliance Retail Ventures Ltd. unit and has expressed interest in negotiating a potential transaction, the person said. Mumbai-based Reliance Industries is willing to sell as much as a 40% stake in the subsidiary to Amazon, the person said, asking not to be identified because the information is private. 

As a policy, we do not comment on media speculation and rumours’, a Reliance spokesman said in an emailed response to Bloomberg News. “Our company evaluates various opportunities on an ongoing basis. We have made and will continue to make the necessary disclosures in compliance with our obligations.”

Partnership with Amazon would give credence to Ambani’s ambitions to create an eCommerce giant for India akin to China akin to China’s Alibaba Group Holding Ltd. Reliance Retail already lured about $1 billion from Silver Lake Partners, while U.S. private equity firm KKR & Co. is in advanced talks to invest at least $1 billion, and L Catterton is also considering investing, Bloomberg News reported Wednesday.

The investment in Ambani’s retail ventures comes after he raised $20 billion selling stakes in his technology venture — Jio Platforms Ltd. — to investors including Facebook Inc. and Google. The billionaire appears to be seeking to repeat that fundraising strategy with his retail business.

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