E-commerce giant Amazon has picked up 26% stake in Tata Group publishing company Westland, a subsidiary of Trent, for Rs 9.5 crore.
The investment by Amazon will enable Westland to expand its international reach and scale their physical and digital book businesses, the company said in a statement.
Under the agreement signed by the company, Amazon will have a right to appoint a director on the board of Westland and also have the option to acquire the remaining 74% shares at a later date.
“We are very excited about this investment from Amazon and what it means for Westland, our customers and authors,” said Gautam Padmanabhan, CEO of Westland.
He said, “Amazon’s roots are in books and they remain a major part of their business – this investment from a company will help us take our Indian authors and their works globally.”