RIL refutes 'speculative' reports on planned alliance with Alibaba

Reliance Industries has refuted reports about a possible alliance with Chinese online retailer Alibaba Group saying, “The news item is incorrect, uncorroborated and highly speculative.”

Reliance took exception to specific comments in the news report like, “Alibaba is looking to acquire up to 50-per cent stake in Reliance Retail for at least $5 billion”.
“There have been no discussions with Alibaba or with anyone else on acquiring a stake in Reliance Retail Limited. This statement is completely speculative and highly irresponsible,” the company stated in its clarification..
Commenting on reports of Alibaba’s executive chairman Jack Ma meeting Reliance Industries chairman Mukesh Ambani in July-end to discuss the proposal, Reliance said, “There was `NO’ meeting between our chairman and Mr Jack Ma in Mumbai in July-end as indicated in the story.”
On Reliance Reatail going in for a similar model like PayTM, the company has clarified that Reliance Retail is currently the largest, fastest growing and most profitable retail company in India and the company’s strategic and growth plans have already been shared by chairman Mukesh Ambani in his AGM address to the shareholders.  “There is no update since then.’
Reports had said Chinese e-commerce firm Alibaba Group Holding Ltd was in talks with Reliance Retail Ltd, the retail arm of Reliance Industries Ltd, to form an online retail joint venture to challenge the might of Flipkart and its US owner Walmart.
Reports also said the Jack Ma-led Chinese group proposed to invest $5 billion to acquire a 50-per cent stake in the proposed mega Indian retail joint venture in a bid to enter the world’s fastest-growing economy.