E-tail major Amazon has put its plans on hold to buy a stake in Kishore Biyani's Future Group and is reassessing its plans to buy the More retail chain as the company is still taking note of the damage caused by the new FDI rules for the e-commerce companies, Business Standard reported.

Sources told the paper that the company had set aside $2 billion to invest in retail chains to expand its offline footprint. The sources added that the company will not go ahead with its stake-buy plans until it gets clarity of the norms from the government.

"There were talks happening for almost the whole of last year. Things were moving as planned and Amazon was to close the deal in the first quarter of 2019," sources told the paper.

In August 2018, Amazon had signed a term sheet with the Future Group to buy a stake between 12 and 15 percent for up to $700 million.