Middle East News 247

Mukesh Ambani goes on a shopping spree to expand Indian retail footprint

Mukesh Ambani, Asia’s richest man who spent the first few months of the pandemic raising more than US$20 billion (Dh73.5bn) by selling stakes in his technology venture, is now on a shopping spree.

The Indian billionaire is looking to acquire several local online retailers to help expand product offerings, sources said, as he races to build his e-commerce platform and compete against Amazon.

Reliance Industries, Mr Ambani’s oil, retail and telecommunications conglomerate, is in various stages of negotiations to either buy out or purchase stakes in…

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