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IPFS News Link • Business/ Commerce

How Amazon plans to battle Walmart in India

• by Rishi Iyengar

The e-commerce giant is buying 49% of More, a popular Indian supermarket chain, according to multiple reports in local media. The remaining 51% will be owned by Indian private equity firm Samara Capital.

More has over 540 supermarkets and hypermarkets across India. It is part of a bigger retail business that was recently sold by Indian conglomerate Aditya Birla Group to a company called Witzig.

An Amazon spokesperson told CNN that Amazon and Samara have "agreed to co-invest" in Witzig but declined to comment on the size of Amazon's investment or its stake.

Witzig director Paurush Roy confirmed Samara Capital's 51% stake and its acquisition of More, but did not comment on Amazon's involvement.