Amazon to acquire 10% stake in Future Group
Reportedly, Amazon is in talks to acquire 10% stake, worth $500-600m, in the Indian Company Future Group as it readies itself to get bigger in retail.
According to Factor Daily, the Indian group that currently owns brick and mortar retail shops like Big Bazaar and Easy Day is valued to be $6 bn (Rs. 40,872 crore).The news comes following Amazon's rival Walmart acquired Indian e-commerce giant Flipkart.
According to a report by Citi Research, Amazon’s India business could be valued at $16 bn right now and is expected to reach $70 bn in gross merchandise volume (GMV) and $11 bn in net sales by 2027. Earlier, Amazon India invested in local fashion retailer Shoppers Stop, taking a 5% stake in the business.