Amazon plans to invest $700 million in Kishore Biyani's Future Group

Amazon, on its part, could bring the Whole Foods brand to India by end of this year, sources said

The Indian unit of Jeff Bezos-led Amazon has begun formal negotiations with Kishore Biyani’s Future Group to invest around $600-700 million for a 12 to 15 per cent stake in the retail major, it is learnt. The two entities have signed a term sheet to take the talks further, sources said. Although there’s nothing binding about a term sheet, it denotes the two sides have officially entered a pact. 

The deal, if it fructifies, is likely to be a combination of cash and stocks. 

The development is significant as it comes soon after the world’s largest retailer Walmart Inc. closed