Amazon takes over More for USD 580 million

Amazon’s latest acquisition adds more heat to the US e-commerce giant’s battle with Walmart in the Indian market, after Walmart acquired Indian firm Flipkart for $16 billion (roughly Rs. 1.15 lakh crores) earlier this year. Samara will buy 51 percent, while Amazon will have the rest, a channel reported. Pranab Barua, who heads the retail and apparel vertical of the Aditya Birla Group, is likely to head the operations of the entity, the report added. 

Aditya Birla Group confirmed the development but did not elaborate. Amazon did not immediately respond to a request for comment, while Gautam Gode, the managing director of Samara Capital, said the firm does not comment on its investments.