Oct 16 (Reuters) - Amazon.com Inc AMZN.O is likely to buy an at least 7 percent to 8 percent stake in India's Future Retail (NS:FURE) 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 https://www.cnbctv18.com/retail/amazon-emerges-as-front-runner-to-buy-stake-in-kishore-biyanis-future-retail-1104621.htm 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 (NYSE:WMT) 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). India and Future Retail did not immediately respond to requests seeking comment. ($1 = 73.9400 Indian rupees)