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| Pic Source : www.morestore.com |
The competition for winning the major pie of Indian retail market has gone to the next level. Media sources have confirmed that, Samara Capital and Amazon has just signed the deal to acquire Aditya Birla Group’s food and grocery retail chain More, at an valuation of around Rs 4200 crore.
Samara will take the majority 51% in ABRL while Amazon's investment arm, Amazon.com NV Investment Holdings LLC will own the balance 49%.
Aditya Birla Retail Ltd. (ABRL) is solely responsible for managing and operating around 570 More chain of stores in India.
Aditya Birla Retail Ltd. (ABRL) is solely responsible for managing and operating around 570 More chain of stores in India.
After, Walmart and Flipkart's $16 billion engagement, this is the next big announcement.
Amazon has already set aside budget of around $500 million to invest in its food retail business in India and is all out there in the market to acquire big names and earn the major stake in ever increasing Indian retail market.
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