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Amazon said to be in talks to buy stake in Future Retail
01 Dec '18
1 min read
Amazon is reportedly in an advanced stage of negotiations to buy around 9.5 per cent stake in India’s Future Retail owned by Kishore Biyani. Initially estimated to be worth ₹2,000 crore executed under foreign portfolio investor, a final decision is expected soon and the deal could be announced by January. Amazon already has stakes in Shoppers Stop and More.
The agreement could also include Amazon buying out Biyani and promoter group's entire holding in future subject to applicable regulations in India, according to Indian media reports.
With presence in 250 cities across India, Future Retail Ltd operates hypermarkets and supermarkets under brands like Big Bazaar, Easyday, Foodhall, HyperCity, FBB, Heritage fresh, ezone and WH Smith.
The move is likely to intensify competition in the Indian e-commerce sphere between Amazon and Walmart-backed Flipkart. (DS)
The agreement could also include Amazon buying out Biyani and promoter group's entire holding in future subject to applicable regulations in India, according to Indian media reports.
With presence in 250 cities across India, Future Retail Ltd operates hypermarkets and supermarkets under brands like Big Bazaar, Easyday, Foodhall, HyperCity, FBB, Heritage fresh, ezone and WH Smith.
The move is likely to intensify competition in the Indian e-commerce sphere between Amazon and Walmart-backed Flipkart. (DS)
Fibre2Fashion News Desk – India
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