Tata Group in advanced talks to buy 80% stake in BigBasket for $ 1.3 bn

Mumbai-based Tata Group, with a combined revenue of about $113 billion and marquee brands such as Jaguar Land Rover and tea maker Tetley, is scouting for local e-commerce assets

India’s Tata Group is in advanced talks to buy as much as 80% of BigBasket in a deal that is likely to value the local online grocer backed by Alibaba Group Holding Ltd. at about $1.6 billion, a person familiar with the matter said.

The conglomerate is now negotiating how much stake it would purchase in Innovative Retail Concepts Pvt., which is commonly known as BigBasket.com, the person said, asking not to be identified discussing details of private talks. Mint newspaper reported earlier that Tata may buy close to 80% for $1.3 billion.

A spokeswoman for Tata declined to comment,