Tata Group in advanced talks to buy 80% stake in BigBasket for $ 1.3 bn

India’s Tata Group is in advanced talks to buy as much as 80% of BigBasket in a deal that is likely to value the local online grocer backed by Alibaba Group Holding Ltd. at about $1.6 billion, a person familiar with the matter said.

The conglomerate is now negotiating how much stake it would purchase in Innovative Retail Concepts Pvt., which is commonly known as BigBasket.com, the person said, asking not to be identified discussing details of private talks. Mint newspaper reported earlier that Tata may buy close to 80% for $1.3 billion.

A spokeswoman for Tata declined to comment, while BigBasket didn’t respond to requests for comment.