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MarketScreener Homepage  >  Equities  >  NSE India Stock Exchange  >  Reliance Industries Ltd    RELIANCE   INE002A01018

RELIANCE INDUSTRIES LTD

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Tata Group to buy majority stake in BigBasket for about $1 billion - Economic Times

10/28/2020 | 01:28am EST
A man walks past a Tata sign outside their offices in London

BENGALURU (Reuters) - Indian online grocery startup BigBasket is in advanced talks to sell a majority stake for about $1 billion to salt-to-software conglomerate Tata Group, the Economic Times reported on Wednesday, citing three sources familiar with the matter.

The century-old group has been planning to launch a "super app", one that will tie in all its consumer businesses, several media reports have said, as it competes against Amazon and Reliance Industries, who have made big bets on India's booming e-commerce market.

Bengaluru-based BigBasket competes with Walmart Inc-owned Flipkart and Amazon's "Fresh" service as more consumers stay indoors and choose to shop online during the COVID-19 outbreak.

The Tata Group and BigBasket did not immediately respond to a Reuters request for comment.

China's Alibaba, which holds around 26% stake in BigBasket, is expected to sell its entire shareholding in the company, the Economic Times reported.

"While the talks have been ongoing for some time, it is still work-in-progress as far as the specifics go. It may eventually not lead to a transaction at all," the newspaper cited one of the sources.

Separately, the Mint newspaper also reported on Wednesday that Tata Group could pay $500 million-$700 million for a controlling stake in BigBasket. The paper had earlier said that BigBasket was looking to raise $200 million for a fresh funding round and was in talks with the Tata Group.

(Reporting by Chandini Monnappa in Bengaluru, Editing by Sherry Jacob-Phillips)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING LIMITED 3.65% 279.96 Delayed Quote.31.99%
RELIANCE INDUSTRIES LTD -0.83% 1947.8 Delayed Quote.30.96%
WALMART INC. 0.28% 151.36 Delayed Quote.27.36%
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Financials
Sales 2021 5 246 B 71 003 M 71 003 M
Net income 2021 442 B 5 984 M 5 984 M
Net Debt 2021 940 B 12 720 M 12 720 M
P/E ratio 2021 29,6x
Yield 2021 0,34%
Capitalization 12 470 B 168 B 169 B
EV / Sales 2021 2,56x
EV / Sales 2022 1,87x
Nbr of Employees 195 618
Free-Float 50,4%
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Number of Analysts 27
Average target price 2 196,44 INR
Last Close Price 1 964,05 INR
Spread / Highest target 27,3%
Spread / Average Target 11,8%
Spread / Lowest Target -32,8%
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NameTitle
Mukesh Dhirubhai Ambani Chairman & Managing Director
Srikanth Venkatachari Joint Chief Financial Officer
Alok Agarwal Joint Chief Financial Officer
Nikhil Rasiklal Meswani Executive Director
Hital Rasiklal Meswani Executive Director
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