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BENGALURU, Aug 1 (Reuters) - Amazon.com Inc is in exploratory talks with Reliance Industries Ltd-owned Reliance Retail for buying up to 26% stake in India's biggest brick-and-mortar retailer, the Economic Times (ET) reported here on Thursday.
Talks began after Reliance’s negotiations with China’s Alibaba Group to sell a stake in the retail entity fell through due to differences over valuation, the financial daily reported citing two senior industry executives.
However, there is no certainty the initial discussions will lead to a deal, according to the report.
Amazon has been engaged in a pitched battle for Indian market share against Walmart Inc’s Flipkart, with both companies announcing various plans to attract more customers in what is viewed as one of their most important growth markets.
Reuters reported on Monday that the Seattle-based ecommerce giant was planning a foray into the burgeoning online food delivery business in India this year.
Both Amazon and Reliance did not immediately respond to Reuters’ requests for comments. (Reporting by Derek Francis in Bengaluru; Editing by Rashmi Aich)