New Delhi, July 23: E-commerce giant Amazon, which is making forays into the Indian FMCG online retail sector as well, is reportedly in talks to invest in JioMart, the retail arm of Mukesh Ambani-led Reliance Industries Ltd. According to reports, the US-based company is negotiating a deal to claim ownership of 9.9 percent stakes. Mukesh Ambani's Reliance Becomes First Indian Firm With Market Value of Over Rs 13 Lakh Crore, Shares Hit New All-Time High.

JioMart, launched in May this year, is considered as a major competitor against Amazon India and Walmart's Flipkart. The company gained traction among users amid the imposition of lockdown to contain coronavirus transmission.

According to ET Now, Amazon is in talks with the Indian conglomerate to own a strategic share in JioMart, which would amount to nearly 9.9 percent stakes in the company.

Amazon, Reliance Considering a Deal for 9.9% Stake in JioMart: ET Now

The reports come amid a surge in the net wealth of Ambani. The man leading Reliance Industries moved ahead of several billionaires, including Elon Musk and Warren Buffet.

Ambani is currently placed at the fifth spot in the list of global billionaires being compiled and updated in real time by Forbes. Bezos, who according to reports is considering to invest in the retail arm of Reliance, tops the list with total assets of $180.8 billion.

(The above story first appeared on LatestLY on Jul 23, 2020 08:10 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).