• Friday, June 18, 2021
India corona update 
Total Fatalities 383,490
Total Cases 29,762,793
Today's Fatalities 1,587
Today's Cases 62,480
India corona update 
Total Fatalities 383,490
Total Cases 29,762,793
Today's Fatalities 1,587
Today's Cases 62,480

Business

Tata acquires majority stake in online grocery seller BigBasket

(Photo by BEN STANSALL/AFP via Getty Images).

By: ShilpaSharma

TATA SONS, the principal investment holding company and promoter of Tata companies, has bought a majority stake in online grocery seller BigBasket.

The acquisition, carried out by Tata Digital Limited, a wholly owned subsidiary of Tata Sons, has put the Indian conglomerate in direct competition with other e-commerce players Amazon.com Inc, Walmart’s Flipkart and Reliance Industries.

 

“Grocery is one of the largest components of an individual’s consumption basket in India, and Bigbasket as India’s largest e-grocery player, fits in perfectly with our vision of creating a large consumer digital ecosystem. We are delighted to welcome Bigbasket as a part of the Tata Digital,” Pratik Pal, CEO of Tata Digital said in a statement.

The deal has come at a time when the Covid-19 pandemic and resultant lockdowns have spurred a big shift among consumers to online shopping, especially for their food and grocery needs.

E-grocery has become one of the fastest growing segments in the consumer e-commerce space in India.

India’s antitrust body, Competition Commission of India, had in March approved the acquisition of up to a 64.3 per cent stake in BigBasket by Tata Digital.

According to media reports, the deal is worth about £924.5 million, and will involve buying out Chinese giant Alibaba’s stake in Bigbasket.

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