Indian conglomerate Reliance denied a report on Thursday, saying that the company plans to sell its retail business’s US$20 billion (approximately Rs 1,46,959 crore) shares to its US competitor Amazon, a deal that could disrupt the country. The lucrative field of e-commerce.

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

According to Bloomberg data, this deal will be the biggest deal for the giants of India and Silicon Valley. The relationship between companies.

But Indian Petroleum questioned the report from sources at the telecommunications 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 digital platform Jio Mart in May.

After years of competing with local pop music stores for customers, these retail giants are now trying to work hand-in-hand with small stores that dominate Indian towns and hinterlands to make 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 has increased its portfolio by approximately 1,800.

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

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