Mukesh Ambani is eyeing stakes in a host of Indian e-retailers to bolster Reliance’s retail offerings as it enters the e-commerce domain. A number of deals are in the works which, if successful, could help the company compete head-on in a fast-growing online retail market projected to be worth an estimated $170 billion by the end of the next decade.
With the coronavirus pandemic decimating stock valuations and forcing companies to cut corners, the time is right for astute businessmen to go bargain hunting. Reliance Industries Chairman Mukesh Ambani is casting a wide net for niche online retailers to power Reliance Retail’s e-commerce ambitions. The 63-year old billionaire is set on giving retail heavyweights Amazon and FlipKart a run for their money by creating a hybrid marketplace that connects small neighborhood stores, or Kirana, to consumers through a digital e-commerce platform.
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