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Amazon looking to invest ₹740 cr in India's Apollo Pharmacy: Report

American multinational Amazon is planning to venture in to India's fast-growing drug market. According to a report in The Economic Times, the company is considering investing in Apollo Pharmacy. The report said that Amazon is mulling a nearly USD 100 million investment in Apollo Pharmacy. Notably, Amazon already delivers medicines in India and its expansion could give rise to competition in the market where Reliance Industries Ltd and Tata Group have already a sizeable presence. While Mukesh Ambani's Reliance recently bought a majority stake in online pharmacy Netmeds, reports suggest that Tata Group is in talks to pick up a majority stake in e-pharmacy firm 1mg.

News source ~ India Tv