FILE PHOTO: The logo of Amazon is seen at their new warehouse during its opening announcement on the outskirts of Mexico City, Mexico July 30, 2019. REUTERS/Carlos Jasso/File Photo

BENGALURU (Reuters) – Inc (AMZN.O) is in exploratory talks with Reliance Industries Ltd-owned (RELI.NS) Reliance Retail for buying up to 26% stake in India’s biggest brick-and-mortar retailer, the Economic Times (ET) reported (here) on Thursday.

Talks began after Reliance’s negotiations with China’s Alibaba Group (BABA.N) to sell a stake in the retail entity fell through due to differences over valuation, the financial daily reported citing two senior industry executives.

However, there is no certainty the initial discussions will lead to a deal, according to the report.

“As a policy, we do not comment on media speculation and rumors. Our company evaluates various opportunities on an ongoing basis,” Reliance Industries said in a statement.

Amazon declined to comment.

The Seattle-based ecommerce giant has been engaged in a pitched battle for Indian market share against Walmart Inc’s (WMT.N) Flipkart, with both companies announcing various plans to attract more customers in what is viewed as one of their most important growth markets.

Reuters reported on Monday that Amazon was planning a foray into the burgeoning online food delivery business in India this year.

Reporting by Sankalp Phartiyal in Mumbai and Derek Francis in Bengaluru; Editing by Rashmi Aich

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