New Delhi: The Tata Group on Wednesday informed that it has fixed a deal with BigBasket to buy 80 per cent stake in Alibaba-backed online grocer for $1.3 billion. As per updates, if the deal succeeds, the local online grocer will see its value soar to $1.6 billion.Also Read - Students of This University Have Received Over 8500 Job Offers From 1400 Recruiters, Highest Salary Package at Rs 42 Lakh

According to reports, the salt-to-software conglomerate is now in the negotiation stage on how much stake it would purchase in However, neither Tata Group nor BigBasket has officially confirmed the development as yet. Also Read - Good News: Amazon Increases Starting Wage For Delivery Boys, to Hire 1.25 Lakh Employees Soon

Notably, about half of India’s $1 trillion retail markets comprises grocery sales and most conglomerates have now understood that there is huge potential for growth. Also Read - 22 Arrested For Running Fake Amazon Customer Service, Duping People in West Bengal

Just like other conglomerates, Tata Group is looking to strengthen its online retail presence in the market and it has been scouting for potential e-commerce assets that it can acquire as the battle for e-commerce dominance heats up in the country.

As Flipkart and Amazon are spearheading India’s e-commerce market, they are also trying to expand their presence in the online grocery market.