Amazon eyes potential $100 mn investment in Apollo Pharmacy: Report

Amazon.com Inc is considering a nearly $100 million investment in India’s pharmacy chain Apollo Pharmacy, facing up to Reliance Industries Ltd and Tata Group in the country’s fast-growing drug market, the Economic Times reported on Wednesday, citing two people aware of the plans.

Amazon already delivers medicines in India and the potential investment would come amid rising competition from Mukesh Ambani’s Reliance, which bought a majority stake in online pharmacy Netmeds.

Tata Group, meanwhile, was reportedly in talks to pick up a majority stake in e-pharmacy firm 1mg.

Both Amazon and Apollo Hospitals, which owns Apollo Pharmacy, declined to comment.