MUMBAI -- Reliance Industries raised 472.6 billion rupees ($6.4 billion) for its retail arm Reliance Retail Ventures by selling a 10.1% stake to a coterie of global investors that has allowed Chairman Mukesh Ambani, India's richest man, to reload his arsenal for a battle with American billionaire Jeff Bezos of Amazon fame.
Business deals
Ambani-run Reliance Retail completes $6.4bn fundraising spree
India's top retailer expands its war chest to compete with Amazon and Flipkart
A Reliance store in Mumbai. The parent company of Reliance Retail has sold a 10.09% stake in the unit as it gears up for a protracted fight for a bigger slice of India's e-commerce market. © Reuters
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