INTERNATIONAL – Amazon.com is likely to buy an at least 7 percent to 8 percent stake in India’s Future Retail 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 (R4.8bn) and is likely to be signed in the next two weeks, the channel said.
Earlier this year, media reports said 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.
Amazon India and Future Retail did not immediately respond to requests seeking comment.Reuters