India's Tata buys majority stake in online grocer BigBasket
- 4 years ago
Tata Sons (TATAS.UL) has acquired a majority stake in online grocery seller BigBasket, putting the Indian conglomerate in a direct race with e-commerce players Amazon.com Inc (AMZN.O), Walmart's (WMT.N) Flipkart and Reliance Industries (RELI.NS).
The stake was bought by Tata Digital Limited, a unit of Tata Sons. Tata on Friday declined to give further details on the deal, while BigBasket did not immediately respond to a Reuters request for comment.
India's antitrust body had in March approved the acquisition of up to a 64.3% stake in BigBasket by Tata Digital.
Media reports have said the deal is worth about 95 billion rupees ($1.31 billion), and will involve buying out Chinese giant Alibaba's (9988.HK) stake. read more
The deal comes as e-commerce sales, especially of food and groceries, have accelerated in India as the COVID-19 pandemic spurred a big shift to online shopping.
Tata, which has interests in products spanning from salt to luxury cars to software, has been planning to launch a "super app" that will tie in all its consumer businesses, according to media reports.
Source: Reuters
Comments