Reliance, owned by Asia’s richest man, Mukesh Ambani has denied a report that stated that it was to sell a $20 billion stake in its retail business to US rival Amazon, reports AFP.

The Bloomberg report which was published on Thursday stated that the company had offered Jeff Bezos’ Amazon a 40-percent stake in its retail subsidiary RRVL.

According to Bloomberg data, this deal would not only have been the largest deal for the country but also for the behemoth that is Amazon and transformed the relationship between the two firms from competitors to partners.

However, a source at Reliance denied the report which sent the oil-to-telecoms giant’s shares up by seven percent in Mumbai.

“It makes no sense for both the parties to establish partnerships or collaborations,” the source told AFP on condition of anonymity.