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Business

Amazon gains 80 physical stores in India with retailer stake

Shoppers Stop shares surges as much as 20% on news of $28 m investment

MUMBAI (NewsRise) -- Amazon's first investment in an Indian brick-and-mortar retailer is set to bulk up the U.S. company's fashion offerings, a category now dominated by its local rival, Flipkart Internet.

Amazon's backing is also a win for retail chain Shoppers Stop, which has struggled to grow sales and expand beyond the major urban areas.

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