Media reports have said the deal is worth about 95 billion rupees ($1.31 billion), and will involve buying out Chinese giant Alibaba’s stake.

Tata Sons has acquired a majority stake in online grocery seller BigBasket, putting the Indian conglomerate in a direct race with e-commerce players Amazon.com Inc, Walmart’s Flipkart and Reliance Industries.

The stake was bought by Tata Digital Limited, a unit of Tata Sons. Tata on Friday declined to give further details on the deal, while BigBasket did not immediately respond to a Reuters request for comment. India’s antitrust body had in March approved the acquisition of up to a 64.3% stake in BigBasket by Tata Digital.

Media reports have said the deal is worth about 95 billion rupees ($1.31 billion), and will involve buying out Chinese giant Alibaba’s stake. The deal comes as e-commerce sales, especially of food and groceries, have accelerated in India as the COVID-19 pandemic spurred a big shift to online shopping.

Tata, which has interests in products spanning from salt to luxury cars to software, has been planning to launch a “super app” that will tie in all its consumer businesses, according to media reports.

https://www.financialexpress.com/industry/sme/tata-buys-majority-stake-in-bigbasket-to-battle-amazon-flipkart-reliance-in-online-grocery-market/2260739/