Tata Group will acquire a 68 percent stake in the online grocery platform Big Basket. Sources said the deal would be for around Rs 9,500 crore.
With this, the Big Basket has cleared the way for many other investors, including China's billionaire Jack Ma-controlled Alibaba Group. According to sources, the Tata group had been trying to acquire a majority stake in Big Basket for several months.
Eventually, this attempt was successful. However, Tata Group, Big Basket, and Alibaba declined to comment on the development. It is believed that the Tata group deal brings the value of Big Basket as a company to over Rs 13,500 crore. The deal comes at a time when online business has grown rapidly.