Reliance Industries has denied having discussions with Alibaba for a potential joint venture with Reliance Retail. Further, the oil-telecom conglomerate said that there was no meeting between Jack Ma and chairman Mukesh Ambani in July-end.
Reliance Industries has denied having discussions with Alibaba for a potential joint venture with Reliance Retail. Further, the oil-telecom conglomerate said that there was no meeting between Jack Ma and chairman Mukesh Ambani in July-end. “Reliance Retail is the largest, fastest growing and most profitable retail company in India. The strategic and growth plans of Reliance Retail has been shared by our Chairman in his AGM address to the shareholders. There is no update since then,” RIL clarified in an e-mail statement.
Yesterday, shares of billionaire Mukesh Ambani-led Reliance Industries hit record high levels gaining as much as 2.55% on a report claiming that that China’s retail giant Alibaba has initiated talks with Reliance Retail to form a mega Indian retail joint venture (JV). RIL shares were seen trading at Rs 1,249.35, up by more than 1.17% this afternoon. RIL shares have returned a whopping 62% in the last one year period, adding Rs 2.8 lakh crore in mcap. In comparison, the Nifty 50 has gained about 18% in the past one-year period.
Earlier yesterday, a Mint report had said that Alibaba is in talks with RIL, and could invest up to $5-6 billion, by picking up about 50% stake in a strategic joint venture. Last week, Reliance Industries achieved a new feat, as RIL became the firm with highest weightage in Nifty after 6 years. Reliance Industries shares command a weightage of 9.23% on the Nifty 50 followed by IT firm TCS, having a weightage of 9.21% in the index.
Interestingly, with a market cap of a whopping 7.81 lakh crore, RIL also holds the distinction of being india’s most valued company. In July this year, Reliance Industries reclaimed the top spot to become India’s most valued company by market capitalization as the shares surged to record high levels, extending gains following robust Q1 results.