Alibaba plans to buy stake in India retailer
Chinese conglomerate Alibaba Group Holding Ltd is in talks with Spencer’s Retail Ltd to buy a minority stake in the Indian grocery seller, Business Standard reported, citing sources that it didn’t identify.
RP Sanjiv Goenka Group-led Spencer’s is also in discussions with Amazon.com Inc for the sale of its stake and both the options are open, the newspaper said.
Sanjiv Goenka, chairman of the group, declined a comment to the paper.
Alibaba couldn’t be immediately reached for a comment outside business hours on Saturday by Bloomberg.
The world’s biggest retailers have been buying stakes in Indian retail companies to tap the nation’s vast consumer market. Walmart Inc said in May it would acquire a 77% stake in Flipkart Online Services Pvt for $16bn, grabbing an asset that had also attracted Jeff Bezos, the world’s richest person, according to the Bloomberg Billionaires Index.