Mukesh Ambani, Chairman and Managing Director of Reliance Industries, smiles as he attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 23, 2018.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, smiles as he attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 23, 2018.REUTERS/Denis Balibouse

Reliance Industries Limited has denied any involvement with Alibaba Group for a joint venture with Reliance Retail. It has also denied any meeting between chairman Mukesh Ambani and Alibaba co-founder Jack Ma in July.

RIL has clarified its stance on some media reports which claimed that Alibaba Group is likely to invest around $ 5 billion in Reliance Retail to counter Amazon and Walmart's presence in the e-commerce space of India.

"There have been no discussions with Alibaba or with anyone else on acquiring a stake in Reliance Retail Limited. There was no meeting between our Chairman and Jack Ma in Mumbai in July-end," RIL said in a statement to International Business Times, India.

Amid the rumours, the shares of RIL had hit a record high level and soared as high as 2.55 percent on Monday.