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Amazon may buy 7-8% stake in Future Retail for Rs 25 billion: Report

Mumbai Inc is likely to buy an at least 7 per cent to 8 per cent stake in India’s Future Retail Ltd through an investment arm, CNBC-TV 18 reported, citing sources.

The potential cash-and-stock deal, which is in its final stages, could be worth Rs 25 billion ($338 million) and is likely to be signed in the next two weeks, the channel said.

Earlier this year, media reports said Amazon was in talks to buy a 10 per cent stake in Future Retail, competing with tech giant Google and Alibaba-backed Paytm. Future Retail had denied the reports.

The potential deal will be next in a series of acquisitions by Inc in one of the fastest-growing markets in the face of competition from Walmart Inc’s Flipkart.

In September, Amazon, along with private equity firm Samara Capital, bought Aditya Birla Group-owned ‘More’ retail chain for an enterprise value of Rs 42 billion ($568.03 million).

Amazon India and Future Retail did not immediately respond to requests seeking comment.