According to sources, the Kishore Biyani-led Future Group is in talks with Amazon for selling Future Retail stake to the US e-commerce giant. The sources revealed that the two parties initiated talks earlier this week.
Future Retail operates 1,500 stores in 400 cities in India. It operates large format stores such as Big Bazaar and small store neighbourhood retail chains such as EasyDay Club and Heritage Fresh.
Last year, in August, Amazon.com NV Investment Holdings LLC had acquired 49 per cent stake in Future Coupons Ltd for an undisclosed amount. At that time, Future coupons held 7.3 per cent stake in Future Retail.
As per the agreement, Amazon was also granted a call option allowing the e-commerce giant to acquire all or part of the promoter’s shareholding between the third and tenth year. Along with Future Coupons, Amazon also owns stake in other retail chains like Shoppers Stop and more.