Prime Time Zone, Webdesk: Competition is intensifying in the domestic e-commerce sector. It is learned that the Tata Group, a domestic giant, has recently acquired startup BigBasket to gain a foothold in the e-commerce space. In this context, it seems that another giant, Reliance Grocery, is ready to buy the milk startup MilkBasket. Negotiations between Reliance-Milkbasket companies have been going on since last year. Information that the contract is currently in the final stages. So far the deal has stalled with shareholder feedback.
Market sources say the deal has been struck again now. According to the latest reports, the shareholders have agreed to the new terms and conditions. Both companies approved the deal. Industry sources expect the agreement to be finalized in a few more weeks. Although not officially known, according to internal reports, Reliance has offered around Rs 100 crore to Milk Basket for its 100 per cent stake. 290 crore will be paid. MilkBasket, on the other hand, has a strong network of about 1.3 million users. It sells 9,000 brands on its platform.
