According to reports, the Tata Group is in advanced talks to buy as much as 80% of online supermarkets service, BigBasket in a deal. The deal is expected to value the online grocer, backed by Alibaba Group Holding Ltd. at about $1.6 billion.
The two refused to comment on the situation but Tata is contemplating how much stake to purchase in BigBasket.
To compete in the heavily growing Indian online shoppers market, the conglomerate is looking to acquire local e-commerce assets. The group has a combined revealed of $113 billion and marquee brands such as Jaguar Land Maker and tea maker Tetley.
There is huge potential of growth in the online grocery market in India especially after the pandemic and BigBasket could serve as the game-changer for Tata as Alibaba is also likely to dispose of its entire stake in the deal.
