Amazon set to buy into India’s Future Retail: sources

(Reuters) – Inc is in late-stage talks to buy as much as 10% of India’s Future Retail Ltd, Bloomberg reported on Tuesday, citing people familiar with the matter. The retail group currently operates more than 900 stores in India and owns nine supermarket brands, including Big Bazaar. Seattle-based Amazon was also in talks with Reliance Industries Ltd’s retail unit to buy a stake in India’s biggest brick-and-mortar retailer, two sources with knowledge of the talks told Reuters earlier this month. Amazon bought a 5% stake in Indian retailer Shoppers Stop Ltd in 2017 and a year later picked up stake in grocery chain More. In the United States, Amazon started embracing brick-and-mortar stores after its 2017 purchase of high-end grocer Whole Foods Market Inc for $13.7 billion.

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