Reliance has offered 40% stake of its retail arm to Amazon for $20 bn, as per the media reports. The deal, in case it happens, would be the biggest M&A activity in India. It would also start a triangular fight in the e-commerce space having Amazon-Reliance, Walmart-Flipkart and rest of e-commerce players. US private equity major Silver Lake, on Wednesday, picked up 1.75% in Reliance Retail Ventures for Rs 7,500 cr, valuing the company at Rs 4.21 lakh crore.

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