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Tata Digital buys majority stake worth $1.31 bn in online grocer BigBasket

India's antitrust body had in March approved the acquisition of up to a 64.3% stake in BigBasket by Tata Digital

Topics
BigBasket | Tata Sons | Alibaba

Reuters  |  BENGALURU 



Bigbasket

BENGALURU (Reuters) - has acquired a majority stake in online grocery seller BigBasket, putting the Indian conglomerate in a direct race with e-commerce players .com Inc, Walmart's Flipkart and Reliance Industries.

The stake was bought by Tata Digital Limited, a unit of . Tata on Friday declined to give further details on the deal, while did not immediately respond to a Reuters request for comment.

India's antitrust body had in March approved the acquisition of up to a 64.3% stake in by Tata Digital.

Media reports have said the deal is worth about 95 billion rupees ($1.31 billion), and will involve buying out Chinese giant Alibaba's stake.

The deal comes as e-commerce sales, especially of food and groceries, have accelerated in India as the COVID-19 pandemic spurred a big shift to online shopping.

Tata, which has interests in products spanning from salt to luxury cars to software, has been planning to launch a "super app" that will tie in all its consumer businesses, according to media reports.

($1 = 72.4200 Indian rupees)

(Reporting by Anuron Kumar Mitra in Bengaluru; Editing by Arun Koyyur)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


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First Published: Fri, May 28 2021. 12:13 IST

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