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Tata Sons acquires majority stake in BigBasket
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Tata Sons acquires majority stake in BigBasket
Reuters / Updated: May 28, 2021, 01:15PM IST
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The stake was bought by Tata Digital Limited, a unit of Tata Sons. Tata on Friday declined to give further details on the deal, while BigBasket 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 BigBasket 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.
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