Tata Group looking to buy stake in IndiaMart: Report

Tata Group, India’s conglomerate that sells almost everything from cars to apparel and steel, is seeking to buy Indian online retailers to beef up its presence in e-commerce, people familiar with the matter said.

The group has reached out to IndiaMart InterMesh Ltd, a business-to-business marketplace, for a potential stake purchase, the people said, asking not to be identified as the plans are confidential. IndiaMart’s shares have surged 142% in Mumbai this year, giving it a market value of about $2 billion. Supermarket Grocery Supplies Pvt, commonly known as BigBasket, is also among Tata’s potential investment targets, one of the people said.