Anonymous sources were quoted, claiming that there was meeting between Jack Ma, the Executice Chairman of Alibaba, and Mukesh Ambani, chairman of Reliance Industries Ltd in July in Mumbai to discuss the proposal for a potential $5 billion deal.
However, reacting to the report, Reliance has issued a clarification stating that the claims of the report are untrue. A RIL spokesperson on Monday said that there has been no discussion with Alibaba or anyone else on acquiring a stake in Reliance Retail Ltd.
