How Amazon plans to battle Walmart in India [CNN]
Morgan Stanley (MS)
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Source: CNN
Amazon is worth $1 trillion Walmart recently spent billions to get into online retail in India. Now Amazon is going offline in the hope of gaining millions of new customers in the vast market. The e-commerce giant is buying 49% of More, a popular Indian supermarket chain, according to multiple reports in local media . The remaining 51% will be owned by Indian private equity firm Samara Capital. More has over 540 supermarkets and hypermarkets across India. It is part of a bigger retail business that was recently sold by Indian conglomerate Aditya Birla Group to a company called Witzig. An Amazon spokesperson told CNN that Amazon and Samara have agreed to co-invest in Witzig but declined to comment on the size of Amazon's investment or its stake. Witzig director Paurush Roy confirmed Samara Capital's 51% stake and its acquisition of More, but did not comment on Amazon's involvement. We are confident that
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