According to media reports, domestic e-commerce giant Alibaba has begun negotiations with Indian retail giant Reliance Retail, intending to invest at least 5 billion US dollars to form a large Indian retail joint venture to challenge India's largest e-commerce platform, Flipkart, and US based Amazon, the largest online e-commerce company that dominates the e-commerce economy.
People familiar with the matter said that Alibaba founder, Ma Yun, met Mukash Ambani, chairman of the Shinsei Industrial Co., Ltd. in Mumbai at the end of July and discussed the offer. At present, Alibaba has proposed to acquire a large number of shares in Reliance Retail and expand Alibaba's physical retail business in India. Industry insiders said that India's booming e-commerce market dispute may be further aggravated by the cooperation of the two large financial companies.
Source: China Securities Journal - China Securities Network