RIL emerging as bigger threat for Amazon, Walmart

A $20 billion fund raising spree may take Reliance closer to its dream of becoming a digital giant, further threatening the ambitious plans US companies like Amazon, Walmart and Zoom have for India. Stake sales in Reliance’s digital unit Jio Platforms attracted not just private equity and sovereign wealth funds but also Google and Facebook, a strong endorsement for an enterprise that until a few years ago focussed largely on oil refining.