After five months of negotiations, the Tata group is close to striking a deal with BigBasket for around 80 percent stake in exchange for about $1.3 bn. This will also value the company to $1.6 bn.
Tata group may buy 50-60 percent stake from existing investors, including Chinese giant Alibaba and a few others.
"Tatas will infuse fresh money into BigBasket by buying new shares of about 20-30 percent of BigBasket, which will give Tata group almost 80 percent in BigBasket. The deal is likely to be formally announced in the next few weeks." according to a statement.