The Indian conglomerate Reliance denied a report on Thursday, stating that the company to its retail business’s US$20 (approximately Rs 1,46,959 crore) shares to its US competitor Amazon. This transaction may disrupt the China’s lucrative e-commerce sector.

Bloomberg reported on Thursday that Reliance, owned by Mukesh Ambani, the richest man in Asia, provided Amazon with a 40% stake in its retail subsidiary RRVL, citing unidentified persons. Something is understood.

According to Bloomberg data, this deal will be the biggest deal for the Indian and Silicon Valley giants. This deal will shake up the retail industry in this South Asian country and change the two companies that have spent months in fierce competition. The relationship between companies.

However, Indian Petroleum disputed the report from the sources of the telecom giant, which caused Reliance’s Mumbai stock to rise by more than 7%, calling it “incorrect”.

The source told Agence France-Presse on condition of anonymity: “It is meaningless to establish a partnership or cooperation between the two parties.”

An Amazon spokesperson declined to comment on this report.

Reliance has been competing with Flipkart backed by Amazon and Wal-Mart for share in the Indian online market and established its platform Jio Mart in May.

After years of competing with local pop music stores for , these retail giants are now trying to work hand-in-hand with small stores that dominate Indian towns and hinterlands to get them online.

Reliance last month announced the acquisition of the retail, wholesale and logistics businesses of India’s Future Group, which owns some of the country’s most well-known supermarket brands, and its portfolio has increased by approximately 1,800.

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Kishore Biyani, the founder of Future Group, was once hailed as the king of retail in India, but has been struggling in recent years as the coronavirus pandemic has dealt a heavy blow to his empire.

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