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Report: Amazon in advanced talks to buy 10% stake in India's Future Retail

Amazon.com Inc. is in advanced talks to acquire up to 10% of India's Future Retail Ltd. to boost its brick-and-mortar presence in the country, Bloomberg News reported Aug. 13, citing sources.

Future Retail is reportedly seeking about 20 billion Indian rupees for the stake, which would likely be acquired through a holding company. The deal could give Amazon the option to buy more shares from the company's founder, Kishore Biyani.

Mumbai-based Future Retail operates the Big Bazaar grocery chain and is India's second-largest retailer by turnover.

On Aug. 1, The Economic Times (India) reported that Amazon is also looking to acquire up to 26% of another major operator in the sector, Reliance Retail Ltd. The U.S. e-commerce giant owns stakes in other Indian brick-and-mortar retailers, including Shoppers Stop and Aditya Birla.

As of August 12, US$1 was equivalent to 71.28 Indian rupees.