Shopper’s Stop will use the funds to continue its investments in expanding physical and online retail businesses, said managing director Govind Shrikhande. Photo: Priyanka Parashar/MintMumbai: Departmental store chain Shoppers Stop Ltd has approved a proposal to sell 5% equity in the company for Rs179.25 crore to Amazon NV Holdings LLC, the investment arm of the world’s largest online retailer Amazon Inc. in a board meeting held on Saturday. The proposed deal values Shoppers Stop shares at Rs407.78 each. In a related development, Shoppers Stop also announced it had entered into an exclusive partnership with Amazon Seller Services Pvt. In return, the two retailers will conduct “joint marketing” initiatives while Shoppers Stop will open Amazon Experience Centres where the online retailer can showcase its brands.

Source: Mint September 23, 2017 14:54 UTC