India's Reliance Industries Ltd 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.
FILE PHOTO: Mukesh Ambani, Chairman and Managing Director of Reliance Industries, attends the company's annual general meeting in Mumbai, India, August 12, 2019. REUTERS/Francis Mascarenhas
BENGALURU - India’s Reliance Industries Ltd 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, citingRepresentatives at Reliance, Urban Ladder and Milkbasket did not immediately respond to Reuters requests for 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 (
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