Amazon, Future Group in talks over sale of stake in Future Retail

Kishore Biyani-led Future Group has started talks with Amazon for selling stake in Future Retail Ltd to the US-based e-commerce major, industry sources said.

The two parties initiated talks earlier this week for a stake in Future Retail, they said.

"They have initiated talks and these are still in early stages," a person privy to the development said.

The move came after Future group firms defaulted on loans taken against the pledged shares of Future Retail in March, which also impacted its share price.

Recently, rating agencies such as Standard & Poor's and Fitch downgraded the credit ratings of Future Retail after the default.

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