amazon future retail

US-based e-commerce giant Amazon Inc is likely to buy an at least 7-8% stake in India’s Future Retail Ltd through an investment arm, reported CNBC-TV 18, citing sources privy to the development. With this, Amazon aims to strengthen its presence in the physical space and also to take on Walmart, said the report.

The potential cash-and-stock deal, which is in its final stages, could be worth $338 million or ₹2500 crores and is likely to be signed in the next two weeks.

Earlier in May this year, media reports suggested that Amazon was in talks to buy a 10 percent stake in Future Retail, competing with tech giant Google and Alibaba-backed Paytm. Future Retail had denied the reports.

The potential deal will be next in a series of acquisitions by Amazon.com Inc in one of the fastest-growing markets in the face of competition from Walmart Inc’s Flipkart.

In September, Amazon, along with private equity firm Samara Capital, bought Aditya Birla Group-owned ‘More’ retail chain for an enterprise value of 42 billion rupees ($568.03 million).

Like this content? Sign up for our daily newsletter to get latest updates.

RELATED READING  Future Group's 'Sabse Saste Din' Sale to be Live on Amazon Too

Security Management App myGate Secures $8.8 Mn from Prime Venture

Previous article

Ola-owned Foodpanda Acquires Shut Down Foodtech Firm Holachef

Next article

Comments

Comments

This site uses Akismet to reduce spam. Learn how your comment data is processed.

You may also like