Amazon in talks to buy into Spencers Retail

Amazon in talks to buy into Spencers Retail
Amazon in talks to buy into Spencers Retail

Online retailer Amazon is in discussions to pick up a minority stake in Mumbai-based RP-Sanjiv Goenka Group's retail chain Spencer's Retail, a media report said. Spencer's Retail is a subsidiary of CESC Ltd, the group's flagship company. CESC has received approval of the National Company Law Tribunal for its demerger into four entities, according to the report. Spencer′s Retail is one of the entities. The report said Spencer′s is looking to raise funds after the demerger by selling a minority stake. The planned move is part of Amazon′s efforts to expand its offline retail footprint. The company was previously reported to be in talks to acquire a stake in Aditya Birla Retail Ltd's More supermarket chain and Kishore Biyani-led Future Retail, which operates Big Bazaar and Hypercity hypermarkets and electronics chain Ezone.

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