Amazon in talks to buy up to 10% stake in India’s Future Retail Ltd.

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Amazon in talks to buy up to 10% stake in India’s Future Retail Ltd.

Seattle-based world’s No. 1 online retailer, billionaire entrepreneur Jeff Bezos’ Inc. had been in a late-stage talk with India’s Future Retail Ltd., a Mumbai-based Indian conglomerate engaged in retailing, insurance, media and logistics, in order to purchase as much as 10 percent of its stake, a Bloomberg report published on Tuesday (August 13th) had unveiled citing people familiar with the subject matter.

In point of fact, latest Inc. move came forth as the US-based retailing behemoth had been seeking to expand its grasp in to India’s brick-and-mortar market. Besides, recent Amazon bid for India’s Future Retail Ltd.

was brought into light just a year after its US rival Walmart Inc. had bought a majority stake in India’s online retailing platform Flipkart. Nonetheless, Amazon’s bid to purchase India’s Future Retail Ltd.

emerged a day after Saudi oil giant, Aramco had sent a letter of intent to India’s Reliance to purchase as much as 20 percent of its stake, suggesting that a businessmen’s favorite, Indian PM, Narendra Modi had been well on-course to secure a steady stream of foreign investment into India’s markets, as he was promised during his election campaigns.

Further inside the Inc.’s bid to purchase Future Retail’s stake, followed by reveal of Tuesday’s (August 13th) Bloomberg report, an Amazon spokeswoman neither acknowledged nor declined the authenticity of the report, saying, “(Amazon) does not comment about what we may or may not do ahead. ”