Online marketplace Amazon has agreed to acquire the remaining 74% stake in Westland, the publishing unit of the Tata group retail company Trent Ltd, indicating its interest in expanding its presence in India books market.
The terms of the deal were not immediately disclosed.
In February, Amazon bought a 26% stake in Westland for about Rs 9.5 crore. Trent had said at the time that Amazon had the option to acquire the remaining 74% stake later.
Following the investment made by Amazon.com NV Investment Holding, Inc., Amazon will get right to name one member to the Westland board.
Westland’s ownis down for maintenance, but according to the on the site of its corporate parent, Westland is a fiction, non-fiction, and literary publisher.
It is also described as being one of the largest book distributors in India. Westland distributes books for Penguin Random House, Macmillan, Simon & Schuster, HarperCollins, Canongate, Perseus, Hachette, and Pan Macmillan.
It is not clear whether Westland’s distribution arm was included in the sale, or just its publishing divisions.
While the terms of the sale have not been released, that 24% stake cost Amazon about 95 million rupees, or $1.4 million USD, in February.
image by TheCreativePenn