According to a report by the Economic Times, there is a possibility of investing Rs 3,500-4,000 crore with Google Petmam Mall, a search engine head for a 7-10% stake in Future Retail Limited (FRL).
The objective behind the decision is to combat intense competition with super rich online and offline retailers like Reliance Retail, Amazon and Wal-Mart, who are looking to break the country's growing tilt towards the digital economy. India is expected to start 1 trillion digital economy by 2025.
In the race to acquire stake in FRL, Google-Peti Consortium will have to face strong competition from the huge market online Amazon. The world's largest online retailer recently deposited the term sheet for the similar stake in the FRL.
Earlier, in an interview with publication, Biyani confirmed his intention to sell stake. "After all, it is all that we are all terrible. As the players grow up, you need a coalition," Biyani told ET. He further said, "We can not sell more than 10% and foreign portfolio investor (FPI) is the only route available."
It has been said in the report that with the intention of selling stake in the FRL, there are already meetings with Jeff Bezos of Amazon and the Alibaba officials in China, he said that he would have to close the deal with the foreign investor in the next two months. Are planning
There was no official comment from Google, Alibaba or PettyMey. The report could not independently verify the report.
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