As per the leading business daily report, Amazon and private equity fund Samara Capital have acquired Aditya Birla's grocery and food chain More at a financial consideration of Rs. 4200 crore. Under the More brand, ABRL operates as many as 575 retail stores across India.
In accordance with the report, the development came through at around 1:30 pm on Wednesday at the Aditya Birla group headquarters based out of Mumbai after the board of Aditya Birla Retail gave it a go-ahead earlier in the day. In the strategic business development, Samara acquired a majority stake of 51% in ABRL while the remaining 49% has been taken over by Amazon's investment arm, Amazon.com NV Investment Holdings LLC.
The deal is subject to clearance by the Competition Commission of India (CCI).
Earlier, it was suggested that if the transaction goes through, it would mark American retail giant's second investment into India's brick-and-mortar retail. In September 2017, the e-commerce company had acquired a 5% stake in Shoppers Stop, the country's listed departmental store, for as much as Rs. 180 crore.