Amazon and Future Group, which operates Big Bazaar and Easy Day supermarkets, are expected to finally enter into a strategic alliance which will help both the retail majors to leverage from each other.
After months of talks about acquisition, latest reports suggest, the deal is finally happening in next two weeks with Amazon acquiring 7- 8% minority stake in India’s Future Retail for around US $ 338 million.
Sources reveal that the potential cash-and-stock deal will be carried out through an investment arm.
The recent development is in line with the Amazon’s acquisition plans aimed at increasing its footprint in India and amidst competition from rival players. Earlier in September, Amazon had bought Aditya Birla Group-owned ‘More’ for an enterprise value of Rs 4,200 crores.
Amazon’s move comes after Walmart picked up 77 percent stake in Flipkart for $16 billion, , in May this year.