‘Tata group may buy a stake in BigBasket’

The Tata group is in talks to tie up with Indian online groceries unicorn BigBasket, as the conglomerate attempts to catch up with rivals including Amazon and Mukesh Ambani’s rapidly expanding retail empire, the Financial Times reported on Wednesday.

Tata and BigBasket would make a decision on the deal by the end of October, FT reported, citing a person close to discussions. The newspaper wrote that another person with knowledge of the potential deal described it as a “strategic” relationship, with the conglomerate potentially acquiring a 20 per cent stake and two board seats.

The Bengaluru-heaquartered BigBasket has a pan-India presence. It is believed to be negotiating a fresh round of funding with new investors, of $400 million and the backing of the Tatas woud be timely.