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The Amazon India website was buzzing with news of the Amazon India’s decision to acquire The New York Times Bookstore for $500 million.
The news was reported by Bloomberg TV and reported by The Times of India.
For the first time ever, a single Indian company, the Tata Group, has bought a publishing house and its publishing arm.
The Tata Group is the largest publisher of e-books in India.
This news comes as Amazon India is expanding its publishing portfolio, including its India office.
The New Delhi-based publisher, along with the New York-based Indian publisher, has been exploring acquisitions of publishing houses, including Times India, as part of its strategy to grow its e-commerce business in the country.
Amazon India’s plans to acquire a publishing company for $300 million are part of a larger expansion of the Indian publishing industry.
Amazon India had already acquired a publishing arm of the publishing house Wipro for $150 million earlier this year.
On August 18, Amazon India bought the publishing arm for $250 million from the Wipo group.
Read more about Amazon India: Amazon India to acquire publishing house for $450 million: Bloomberg