- Amazon and a Mumbai-based private equity firm, through an investment entity, is acquiring a company in India that operates 523 supermarkets and 20 hypermarkets under the name “More.” The acquisition is expected to help give Amazon a brick-and-mortar grocery presence in India.
- According to the India-based news site Mint, Amazon and Samara Capital are purchasing More by acquiring a controlling interest in its parent, Aditya Birla Retail Ltd., through a joint Amazon-Samara venture called Witzig Advisory Services Pvt.
- Mint reports that, due to foreign ownership regulations in India, Amazon holds a 49 percent stake in the joint venture with Samara.
- The purchase comes as Amazon faces Walmart-owned Flipkart in India, which has no offline presence.
Frank Catalano / GeekWire - 1 year ago