Amazon Buys Into India's More Supermarket Chain
September 20 2018 - 4:26AM
Dow Jones News
By Corinne Abrams
MUMBAI--Amazon.com Inc has invested in an arm of a private
equity firm that bought Indian supermarket chain More, a person
familiar with the matter said.
Witzig Advisory Services bought a 99.99% stake in Aditya Birla
Retail from RKN Private Retail, Kanishtha Finance and Investment
and Aditya Birla Retail, according to a Wednesday release on the
BSE, a Mumbai exchange.
Witzig is owned by private-equity firm Samara Alternative
Investment Fund.
Amazon has invested in Witzig via Samara, a person familiar with
the matter said, without giving more details. The BSE statement
didn't say how much Witzig had paid for Aditya Birla Retail.
Aditya Birla Retail includes more than 500 supermarkets and
hypermarkets under the More brand. An investment by Amazon in More
would bolster its defense against Walmart, which bought a
controlling stake in Indian ecommerce company Flipkart earlier this
year.
RKN Private Retail and Kanishtha Finance are the investment
firms of Indian conglomerate Aditya Birla Group's chairman Kumar
Magalam Birla.
The deal is subject to regulatory approvals, the statement
said.
--Debiprasad Nayak contributed to this article.
Write to Corinne Abrams at corinne.abrams@wsj.com
(END) Dow Jones Newswires
September 20, 2018 04:11 ET (08:11 GMT)
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