Amazon.com Inc is set to snag a minority stake in India's Future Retail Ltd...
MUMBAI/BENGALURU - Amazon.com Inc is set to snag a minority stake in India’s Future Retail Ltd, which operates more than 900 stores in India and owns several supermarket brands, including Big Bazaar.
The companies did not disclose the value of the deal, which gives Amazon a 3.58% stake in the brick-and-mortar retailer, whose stores sell everything from clothes to fresh produce. Amazon and Future Retail declined to comment on the value of the transaction that remains subject to regulatory approval.
The Future Retail transaction marks Amazon’s second such move to acquire a stake in an Indian supermarket store operator. Last year, Amazon and Indian private equity firm Samara Capital announced a joint investment in an entity that would give Amazon a stake in Indian supermarket chain More. Amazon also owns a stake in Indian department store chain Shopper’s Stop.
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