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Amazon Plans Expansion: Will Buy 49% Stake In Future Coupons
American e-commerce giant Amazon is all to acquire a 49 percent stake in Future Coupons, the promoter entity of Future Retail. However, the transaction is subject to regulatory approvals.
In a statement to the stock exchange, the company informed that Amazon has agreed to make an equity investment in Future Coupons Limited for acquiring a 49 percent stake comprising both, voting and non-voting shares.
As part of the agreement, Amazon has been granted a call option which will allow it to acquire all or part of the Promoters' shareholding in Future Retail. It is exercisable between the 3rd to 10th years, in certain circumstances, subject to applicable law.
Furthermore, the promoters have also agreed to certain share transfer restrictions on their shares in the Future Retail for the same tenure. This includes restrictions to not transfer shares to specified persons, a right of the first offer in favor of Amazon.
Amazon India Launches Amazon Fresh Store With 2-Hour Delivery
Meanwhile, Amazon has launched the Fresh store on Amazon.in for select pin-codes in Bengaluru. The Amazon Fresh store will provide a complete grocery with 2-hour delivery slots, powered by Prime Now, from 6 AM to midnight on Amazon.in.
Prime members will get access to the fastest 2-hour delivery slots for Rs. 49. All customers get convenient 2-hour delivery slots from 6 AM to midnight with free delivery for orders above Rs. 600. Orders below Rs. 600 will be charged a delivery fee of Rs. 29.
Customers can discover Amazon Fresh store on Amazon.in app, desktop or mobile browser by searching for 'Fresh', or by clicking on the Grocery menu.
These swift deliveries are powered by Amazon's Prime Now service which was earlier available only on the separate Prime Now app. The Prime Now app will continue to serve customers in Delhi/NCR, Mumbai, Bengaluru, and Hyderabad.
There is no doubt that this will increase the competition in the retail sector, as Amazon will get access to one of the largest brick and mortar retailers in India. This is the third investment made by Amazon in any physical retail business and it is also expected that this will give a tough fight Reliance Retail.