Internet search giant Google is looking to team up with Alibaba-backed Paytm Mall to form a consortium and invest Rs 3,500-4,000 crore for a 7-10 percent stake in Future Retail, reported The Economic Times.

This consortium will be pitted against Amazon, which submitted a term sheet to pick up a similar stake in Kishore Biyani-led Future Retail recently, the report said citing several people with knowledge of the matter.

Biyani has been looking at raising funds through a strategic partnership to streamline operations and increase profitability.

In June, telecoms firm Bharti Airtel sold a 6 percent stake in Future Retail to PremjiInvest, the family investment arm of Wipro Chairman Azim Premji, for about Rs 1,700 crore. Future Retail got about Rs 575 crore from Bharti via a claw-back provision.

First Published:Aug 27, 2018 7:44 AM IST