Amazon is reportedly in talks to acquire a 10% stake, worth $500-600m, in Indian company Future Group as it readies itself to expand in retail.
Future Group which currently owns brick and mortar retail shops like Big Bazaar and Easy Day is valued to be $6 bn (Rs. 40,872 crore) according to Factor Daily.
The news comes after Amazon's rival Walmart acquired Indian e-commerce giant Flipkart.
However, 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, according to a report by Citi Research.
Amazon India previously invested in local fashion retailer Shoppers Stop, taking a 5% stake in the business.