Business Companies 16 Oct 2018 Amazon likely to buy ...

Amazon likely to buy 7-8 per cent stake in Future Retail: report

REUTERS
Published Oct 16, 2018, 4:18 pm IST
Updated Oct 16, 2018, 4:18 pm IST
Amazon India and Future Retail did not immediately respond to requests seeking comment.
Future Retail had denied the reports.
 Future Retail had denied the reports.

Amazon.com Inc is likely to buy an at least 7 per cent to 8 per cent stake in India’s Future Retail Ltd through an investment arm, CNBC-TV 18 reported, citing sources.

The potential cash-and-stock deal, which is in its final stages, could be worth 25 billion rupees ($338 million) and is likely to be signed in the next two weeks, the channel here said.

 

Earlier this year, media reports said Amazon was in talks to buy a 10 pe rcent 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).

 

Amazon India and Future Retail did not immediately respond to requests seeking comment.

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