Amazon.com Inc. is likely to acquire a stake of at least 7% to 8% in India's Future Retail Ltd., local news outlet CNBC-TV18 reported Oct. 16, citing sources with knowledge of the matter.

The sources said a deal is expected to be signed in the next two weeks, with the purchase to be made through an investment arm of the U.S. e-commerce giant.

The deal has an estimated value of about 25 billion Indian rupees, according to CNBC-TV18.

Amazon was reportedly competing with Alphabet Inc.-owned Google LLC and Alibaba Group Holding Ltd.-backed Indian payment service provider Paytm for a stake in Future Retail, which operates hypermarkets, department stores and grocery stores. It had been previously reported that Amazon was looking to invest about US$600 million to US$700 million for a 12% to 15% stake in Future Retail's parent Future Group.

The potential deal is the latest development in Amazon's ongoing acquisition-focused activity in India. It comes shortly after a report that Amazon offered more than US$400 million to purchase a minority stake in Indian food retailer Spencer's Retail Ltd. In September, Amazon and Indian private equity firm Samara Capital Management Ltd. reportedly agreed to a joint acquisition deal for Aditya Birla Fashion and Retail Ltd.'s supermarket chain More.

As of Oct. 15, US$1 was equivalent to 73.75 Indian rupees.