October 16, 2018 / 6:58 AM / a month ago

Amazon likely to buy 7-8 pct stake in India's Future Retail - TV

Oct 16 (Reuters) - Amazon.com Inc is likely to buy an at least 7 percent to 8 percent 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 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).

Amazon India and Future Retail did not immediately respond to requests seeking comment. ($1 = 73.9400 Indian rupees) (Reporting by Sharnya G in Bengaluru; Editing by Gopakumar Warrier)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below