Tata Sons (TATAS.UL) has acquired a majority stake in on-line grocery vendor BigBasket, placing the Indian conglomerate in a direct race with e-commerce gamers Amazon.com Inc (AMZN.O), Walmart’s (WMT.N) Flipkart and Reliance Industries (RELI.NS).
The stake was purchased by Tata Digital Restricted, a unit of Tata Sons. Tata on Friday declined to present additional particulars on the deal, whereas BigBasket didn’t instantly reply to a Reuters request for remark.
India’s antitrust physique had in March accepted the acquisition of as much as a 64.3% stake in BigBasket by Tata Digital.
The deal comes as e-commerce gross sales, particularly of meals and groceries, have accelerated in India because the COVID-19 pandemic spurred an enormous shift to on-line purchasing.
Tata, which has pursuits in merchandise spanning from salt to luxurious automobiles to software program, has been planning to launch a “tremendous app” that may tie in all its client companies, in line with media experiences.
($1 = 72.4200 Indian rupees)
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