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Amazon buys 26% stake in Westland Books
Posted On: 12-02-2016 00:00:00 16

As per an article in Live Mint :

Amazon.com Inc. has bought 26% stake in the Tata owned online retailer publishing unit Westland for about Rs.9.5 crore. Amazon also has the option to acquire the remaining 74% stake later. The investment was made by Amazon.com NV Investment Holding LLC.

Amazon will get right to name one member to the Westland board. The investor (Amazon) will be provided with minority protection rights with respect to key operational and non-operational matters at the Board and shareholder level in Westland Limited in line with arrangements of this nature.

Westland began as a book distributor but ventured into publishing since 2007. The investment will enable the company to expand its international reach and scale its physical and digital book business. The funding will also facilitate taking Indian authors to global readers.

Amazon, which is the largest Internet-based retailer in the US, started out as an online bookstore in 1994. From selling books by third-party publishers on its platform, Amazon has since started its own publishing unit, Amazon Publishing. Since its founding in 2009, Amazon Publishing has published in different genres from romance and thrillers to spirituality, comics, and science fiction.

 
 
 

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