Amazon eyes 9.9% stake in Reliance retail

Mumbai: Amazon.com Inc is in talks to buy a 9.9% stake in the retail arm of conglomerate Reliance Industries Ltd, an agency citing a media report said on Thursday.

Amazon wants a preferred, strategic stake in Reliance Retail for JioMart, according to tweets. JioMart, the e-commerce venture of Reliance’s retail arm, was launched in May and poses a formidable challenge to Amazon. com’s local unit and Walmart Inc’s Flipkart.

Earlier this year, Amazon India launched a programme to add small local shops on its platform after the country went into a lockdown to curb the spread of the coronavirus outbreak.

Meanwhile, Amazon Pay said it has tied up with Acko General Insurance Ltd to offer two- and four-wheeler insurance policies in India. Amazon Pay, the payments unit of Amazon India, will help customers purchase insurance, and its ‘Prime’ members to get extra benefits including additional discounts, a statement said.

Customers can buy auto insurance from Amazon Pay page, Amazon app or mobile website and they can get a quote for their car or bike’s insurance by providing basic details, it said.

In this quick paperless insurance plan, customers can get hassle-free claims with zero paperwork, one-hour pick-up, and three-day assured claim servicing and one-year repair warranty in select cities.

Policyholders will also have an option for instant cash settlements for low value  claims, making it beneficial for customers. Customers can also select from a list of add-ons like zero-depreciation and they will be able to use Amazon Pay among others.

 

NT Bureau