Tata Group to become the largest stake holders in BigBasket

The two giants Tata Group and BigBasket have finalised a $1.2 billion deal and have formally signed on the dotted lines giving India’s largest conglomerate 60-63% stake in the e-grocer.

This transaction will provide a full exit to BigBasket’s two of largest investors which are Alibaba which holds 27.5% stakes wheras Abraaj Group has a stake of 18.05%. The transaction will see a $200-250 million primary cash infusion in BigBasket by Tata, as part of its larger deal to acquire a majority stake in the country’s largest online grocery company, people close to the matter said.

The companies are awaiting for the regulatory clearances from the Competition Commission of India, officials said. BigBasket when evaluated was around $1.2 billion. Acquiring the stakes of the existing largest investors, Tata Group close to the majority stake it’s seeking in BigBasket.