Amazon back on track to buy 10% stake in Future Retail

Amazon’s attempt to acquire a minority stake of 10 per cent in Future Retail for about Rs. 2,000 crore, which began in early 2018, is back on track.

It had encountered a hiccup in the form of changes in FDI norms for e-commerce companies, which was announced by the government last December and came into effect on February 1.

Last year, Future Group founder and CEO Kishore Biyani had declared that he would sell a minority stake to the strongest global retailer. However, he did not divulge the name of the retailer.

Both Amazon and Future Retail are currently working towards coming up with a deal structure that complies with the draft National E-commerce Policy that was introduced by the government on Saturday and will be ready for rollout next month, said sources in the know.