Amazon affiliate to buy 5% stake in Indian retailer Shoppers Stop

Amazon is steps up efforts to gain ground in India’s fast-growing consumer market. (Reuters)
Updated 24 September 2017
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Amazon affiliate to buy 5% stake in Indian retailer Shoppers Stop

MUMBAI: An affiliate of Amazon.com has agreed to buy a 1.79 billion-rupee ($27.6 million) stake in Indian retailer Shoppers Stop Ltd, the Indian company said in a filing.
Amazon.com Investment Holdings, a foreign portfolio investor, will subscribe to about 4.4 million shares, equivalent to an about 5 percent stake, in the Indian retailer at 407.78 rupees apiece on a preferential basis, Shoppers Stop told the stock exchanges late on Saturday.
On Friday, Shoppers Stop shares had closed 3 percent lower at 418.10 rupees on the National Stock Exchange.
The Amazon affiliate will not take a board position, Shoppers Stop, which operates large department stores and other retail outlets, said in the filing.


France’s Total has officially left Iran: oil minister

Updated 7 min 41 sec ago
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France’s Total has officially left Iran: oil minister

TEHRAN: French energy giant Total has officially quit its multi-billion-dollar gas project in Iran, Oil Minister Bijan Namdar Zanganeh said on Monday, following the reimposition of US sanctions.
“Total has officially left the agreement for the development of phase 11 of South Pars (gas field). It has been more than two months that it announced that it would leave the contract,” he told the ICANA news agency, which is linked to the oil ministry.
The United States said in May that it was abandoning the 2015 nuclear deal and reimposing sanctions on Iran in two phases in August and November.
The second phase will target Iran’s oil industry, and Total had already said it would be impossible to remain in Iran unless it received a specific waiver from Washington, which was not granted.