American e-commerce giant Amazon is set to pick up a stake of just under 10 per cent in Future Retail, which is likely to be approved by the latter's board on October 29. Amazon is expected to pick up shares - through the foreign portfolio investors route - at a hefty premium to the prevailing share price for gaining business exclusivity and future shareholding rights, they added. Future Retail shares ended 14 per cent higher at Rs 494 apiece after television channels reported that Amazon was on track to buy a 7-8 per cent stake in the Indian company. This gives Future Retail, which operates Big Bazaar and Easy Day supermarkets, a Rs 25,000 crore ($3.4 billion) market value, though its 52-week record level is significantly higher. Amazon's investment has strategic underpinnings and could evolve alongside regulatory and business developments. The online retailing behemoth is placing huge bets on an omni-channel play in its pursuit of leadership in Asia's third-largest economy. It is expected to face stiff resistance from Walmart, which acquired local e-commerce leader Flipkart, and Chinese internet giant Alibaba which has investments in Paytm Mall and e-grocer BigBasket. And that explains Amazon's eagerness to gain exclusivity with India's largest retailer, Future Group. Incidentally, domestic organised retailing pioneer Biyani has had talks with Alibaba-Paytm even as talks with Amazon gathered momentum.