Amazon deepens its push into India with stake in local retailer

AMAZON.COM Inc is set to buy a 5 per cent stake in Indian retailer Shoppers Stop Ltd, as the US company steps up efforts to gain ground in the fast-growing consumer market.

Shoppers Stop's board approved the issuance of 4.4 million shares to a unit of Amazon for 407.78 rupees each, the Mumbai-based company said in an e-mailed statement late Saturday.

As part of the deal, Amazon experience centres - which let customers test out the products available online - will be set up across Shoppers Stop's network of 80 brick-and-mortar stores in India.