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Business deals

Amazon buys Future Retail stake to ride on billionaire Biyani's India store network

Company expands its foothold in brick-and-mortar retail market to take on Walmart

Amazon is looking to leverage Future Retail's vast network of convenience stores across India, analysts say.   © Reuters

MUMBAI (NewsRise) --'s stake purchase in Future Retail sets the stage for the U.S. company to embolden its distribution network in India, where intense competition and regulatory hurdles hobble its prospects.

Amazon will buy a 49% stake in Future Coupons, a payments solutions business owned by Future Retail, and gain a 3.6% stake in the retailer that operates more than 1,500 supermarket stores across 400 cities in India. It will also get the first right of refusal in case Kishore Biyani, the billionaire founder of Future Retail, or his family decides to further trim their combined 47% stake in the company, as per their agreement. Financial details weren't disclosed.

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