Amazon.com, Inc. (NasdaqGS:AMZN) is evaluating a potential investment of nearly $100 million in Apollo Pharmacy Ltd., according to two people privy to the online retail giant's plans. PwC, which was engaged to conduct a due diligence, has completed the process, sources said. “The due diligence just got done and it seems to be a $100 million investment,” said one of the persons cited above and added that Amazon has evaluated deals with several other pharmacies as well.

“Amazon is looking at a minority shareholding in Apollo, similar to its investments in other Indian retailers. It is looking at a partnership to give its customers access to pharma products,” the person added. “There could be some riders that say Apollo can't raise capital from Amazon's competitors.” An Amazon spokesperson declined comment for this story saying, “we do not comment on what we may or may not do.” A detailed query to Apollo Hospitals Enterprise Limited (NSEI:APOLLOHOSP) did not elicit a response until press time on December 8, 2020.