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Big blow to Chinese firm Alibaba as Tata Group plans to acquire 68% stake in BigBasket for Rs 9,500 crore
The deal is significant as it will allow a host of investors of BigBasket, including Alibaba to exit from the BigBasket.
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Updated: Feb 17, 2021, 01:33 PM IST
In yet another blow to China, the Tata Group is plannuing to acquire 68 per cent stake in online grocery platform BigBasket. It is learnt that Tata Group will spend around Rs 9,500 crore as the company plans to expand its footprints in the rapidly growing e-commerce space in India.
Sources said that the Tata group wanted to gain majority control in the Bengaluru-based startup and it has inked the deal to achieve its goal. The deal is significant as it will allow a host of investors of BigBasket, including Chinese billionaire Jack Ma-controlled Alibaba to exit from the BigBasket. Currently, Jack Ma-controlled Alibaba owns a 27.58 per cent stake in the company. ....

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