Amazon.com Inc is likely to purchase around a 7-8% stake in India’s Future Retail Ltd through an investment arm.

The final agreement is likely to involve some exclusive clauses. Once the deal has been finalised, Amazon will most likely establish a microsite for Future Retail brands.

The cash-and-stock deal is said to be in its final stages and is valued at 25 billion rupees (£257.1 million). The exacr figure of the final valuation will be revealed closer to the signing of the deal.

This deal is set to be the latest in a series of purchases by Amazon in one of the fastest expanding markets.

The news was reported on CNBC – TV18, where it was revealed that other tech giants has expressed interest. Indeed, Google and Alibaba backed Paytm has also expressed interest in snapping up a stake.

The 7-8% acquisition will allow Future Retail to face its rivals both physically and online.

Interestingly, Future Group has claimed in the past that it would not turn down a partnership with a global giant.

For Amazon, this deal could strengthen its presence in the physical space and expand its portfolio even further.

Additionally, it could allow the tech giant to take on Walmart. This is not its first acquisition of an Indian company. In fact, in 2017 Amazon purchased a 5% stake in Shoppers Stop, valued at 180 crore. Even more recently, however, the online giant joined with the private equity firm Samara Capital to buy the retail chain More.

Both companies have refused to comment on the claims.

In other news, we reported that Amazon had been exposed earlier this week for its warehouse casualties.

At 19:59 GMT -4 yesterday, shares in Amazon.com (NASDAQ:AMZN) were trading at -1.55%.

At 13:03 GMT +5:30 yesterday, shares in Future Retail Ltd (NSE:FRETAIL) were trading at +5.39%.

At 18:02 GMT -4 yesterday, shares in Google (NASDAQ:GOOGL) were trading at -1.62%.