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Reliance In Talks To Buy Urban Ladder And MilkBasket

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A deal could be pegged at around $30 million, it said, citing here one of the sources. 

India’s Reliance Industries Ltd (RELI.NS) is in talks to buy online furniture retailer Urban Ladder and milk delivery firm Milkbasket to strengthen its e-commerce business, the Times of India newspaper reported on Monday. 

The oil-to-telecoms conglomerate’s talks with Urban Ladder are at an advanced stage, the report said, citing four unnamed sources briefed on the matter. A deal could be pegged at around $30 million, it said, citing here one of the sources. 

Representatives at Reliance and Urban Ladder did not immediately respond to requests for comment. Milkbasket declined comment. 

The news comes as the COVID-19 pandemic forces many Indians indoors, spurring a wave of online shopping, including for daily groceries such as milk. 

Reliance, led by Asia’s richest man, Mukesh Ambani, launched an online grocery service JioMart in May, a move rivalling Amazon.com Inc (AMZN.O) and Walmart Inc’s (WMT.N) Flipkart in India, a key growth market for e-commerce. 

Ambani has raised more than $20 billion in the past few months, including from Facebook (FB.O) and Alphabet’s Google (GOOGL.O), for Reliance’s digital arm, Jio Platforms. 

The Times of India report said, citing a source, that Milkbasket had held talks with Amazon and Alibaba-backed (BABA.N) online grocery retailer BigBasket, but the discussions did not result in a deal due to a mismatch in valuation expectations.

Source: Reuters

(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)

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