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Last Updated : Oct 16, 2018 03:08 PM IST | Source: Moneycontrol.com

Future Retail surges nearly 20% on Amazon stake buy buzz

Amazon.com Inc is likely to buy an at least 7 percent to 8 percent stake in India's Future Retail through an investment arm, CNBC-TV 18 reported, citing sources.

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Share price of Future Retail surged nearly 20 percent intraday Tuesday on report of Amazon is likely to buy some stake in the company.

Amazon.com Inc is likely to buy an at least 7 percent to 8 percent stake in India's Future Retail 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.

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Earlier this year, media reports said Amazon was in talks to buy a 10 percent stake in Future Retail, competing with tech giant Google and Alibaba-backed Paytm. Future Retail had denied the reports.

The potential deal will be next in a series of acquisitions by Amazon.com Inc in one of the fastest-growing markets in the face of competition from Walmart Inc's Flipkart.

At 14:49 hrs Future Retail was quoting at Rs 514, up Rs 80.10, or 18.46 percent.

With inputs from Agency

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First Published on Oct 16, 2018 03:07 pm
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