Amazon nears deal for buying up to 10% stake in Kishore Biyani's Future Retail

Amazon nears deal for buying up to 10% stake in Kishore Biyani's Future Retail

Future Group chairman Kishore Biyani. Photo: Hemant Mishra/Mint

Amazon.com Inc. is in late-stage talks to acquire as much as 10% of Future Retail Ltd, people familiar with the negotiations said, as the US company moves to bolster its brick-and-mortar presence in one of the world’s fastest-growing retail markets.

India’s No. 2 retailer by turnover, Future is seeking a valuation of about ₹2,000 crore ($281 million) from Amazon for the stake, according to the people, who asked not to be identified as the discussions are private. The sale is likely to be routed through a holding company, they said, and will give Amazon the option to buy more shares from Kishore Biyani, Future Retail’s founder and chairman.

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