US-based e-commerce company Amazon is looking to acquire 10 percent stake in India’s Future Retail, leading retailer that operates multiple retail formats in both value and lifestyle segment of Indian consumer market.
It is being reported that the deal will be approved by Future Retail’s Board in the coming week.
Previously, it was observed that Amazon may have lost its bet to Azim Premji-led PremjiInvest which acquired a 6 percent stake in Future Retail for US $ 251 million.
Amazon, however, has not made anything official on the deal.
The Amazon-Future Retail deal has come soon after the e-commerce player offered US $ 400 million to Kolkata-headquartered Spencer’s Retail for 30 percent stake.
Amazon has been on a look out to make acquisition in the Indian retail market after it failed to acquire stakes in rival Flipkart when Walmart bagged it in a US $ 16 billion deal.
A report suggests that online retail sales in India are expected to grow by 31 percent to US $ 32.70 billion in 2018. It thus becomes important for online player to amplify their foothold in the market.
One can see more such investments and acquisitions in the online retail industry in the time to come