Amazon.com Inc (AMZN.O) is likely to buy an at least 7 percent to 8 percent stake in India’s Future Retail Ltd (FRTL.NS) 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 25 billion rupees ($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 percent stake in Future Retail, competing with tech giant Google (GOOGL.O) and Alibaba-backed (BABA.N) Paytm. Future Retail had denied the reports.
The potential deal will be next in a series of acquisitions by Amazon.com Inc (AMZN.O) in one of the fastest-growing markets in the face of competition from Walmart Inc’s (WMT.N) Flipkart.
In September, Amazon, along with private equity firm Samara Capital, bought Aditya Birla Group-owned ‘More’ retail chain for an enterprise value of 42 billion rupees ($568.03 million).
Amazon India and Future Retail did not immediately respond to requests seeking comment.