The share price of Future Retail Limited hiked around 20% intraday Tuesday as Amazon is likely to purchase some stake in a company. Amazon is going to buy at least 7 to 8 percent stake in Future Retail Limited – India’s growing retail business through the investment arm, reported in CNBC-TV 18.

The cash & stock deal is in its last stages, could be valued around 25 billion rupees & is likely to be closed in the new 15 days, said by the channel. Recently, the media reports said Amazon Inc. was interested to buy 10% stake in Indian company Future Retail to compete with Paytm (Alibaba-backed) and Google. Future Retail Limited had declined these reports.

The contingent deal will be the next in chains of Amazon’s acquisitions and compete with the Flipkart – acquired by Walmart Inc in India. At 03:59, October 16, 2018, the share price was quoting INR 494.65 up INR 61.10 or 14.09%

Image Credit: Amazon.com | futureretail.in