Alibaba plans to buy stake in In­dia re­tailer

Gulf Times Business - - BUSINESS -

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 Ama­ 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.

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