Amazon in talks to buy 8-10% stake in Future Retail; deal to close in weeks

American e-commerce giant Amazon is in advanced stage of discussions with Future Retail Ltd for picking up 8-10 per cent stake in the Indian retail chain, according to sources.

The deal with the Kishore Biyani-led company is expected to close in the next few weeks, sources close to the development said.

When contacted, Amazon India said the company doesn’t comment on speculation, while Future Retail declined to comment.

The deal, if it goes through, will help Amazon further strengthen its foothold in the Indian market where it already operates an online marketplace.