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Amazon and Samara acquires food and grocery retail chain 'More'

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New Delhi, Sep 20: E-commerce giants amazon.com Inc along with Private equity firm Samara Capital has acquired the food and grocery retail chain 'More', previously owned by Aditya Birla group for a whooping price of Rs 4,200 crores.

The deal which is expected to have been done with a shell structure in place is going to give Amazon a big push in the grocery space which is heating up in India. Samara reportedly acquired a majority 51 percent stake in Aditya Birla Retail, while Amazon's investment arm picked up the remaining 49 percent.

Amazon.com logo

Indian regulations allow foreign retailers to own only 51 percent in multi-brand retail firms which is why Amazon is sticking with a lower stake.

The deal which is expected to have been done with a shell structure in place is going to give Amazon a big push in the grocery space which is heating up in India. Amazon's latest acquisition adds more heat to the US e-commerce giant's battle with Walmart Inc in the Indian market.

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In India, Amazon competes with Softbank-backed Grofers and Alibaba-funded BigBasket in the grocery segment.

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