Amazon continues to extend its global reach. Earlier this year, the e-tail giant ramped up its operations in Japan and now reports have funneled through that it wants to up its presence in the lucrative India market. Amazon.com NV Investment Holdings recently submitted a proposal to acquire just shy of a 50 percent share in Future Coupons Ltd (FCL), an Indian Future Retail promoter group company, and has just gotten approval to move ahead with its acquisition plans.
Amazon.com NV Investment Holdings is a subsidiary of Amazon.com, Inc (ACI) and is a member of the Amazon group. According to CNBC TV18, Future Coupons is a subsidiary of Future Group, which owns 7.3 percent stock in Future Retail, which operates 295 Big Bazaar stores and around 1,600 local neighborhood grocery stores.
CNBC TV18 also noted the retailer’s proposal for a 49-percent acquisition was approved by the Competition Commission of India (CCI), resulting in a stock price surge for Future Retail and Future Enterprises, which rallied over 18 percent each on the Bombay Stock Exchange.
The combination that has been proposed consists of other constituent steps involving FCL, Future Corporate Resources Pvt Ltd (FCRPL), and Future Retail Ltd (FRL), the news source reports. As a result of the deal, it is anticipated that Future Group will see its capabilities rise in the online retail space and a significant expansion of its brick-and-mortar presence in India.
Where will Amazon set its sights next? Deli Market News will report the latest in the retail market.