Tata Group looking to buy online retailers

Tata Group, the conglomerate that sells almost everything from cars to apparel and steel, is seeking to buy online retailers to beef up its presence in e-commerce, people familiar with the matter said.

The group has reached out to IndiaMart InterMesh Ltd, a business-to-business marketplace, for a potential stake purchase, the people said, asking not to be identified as the plans are confidential. IndiaMart’s shares have surged 142 per cent in Mumbai this year, giving it a market value of about $2 billion. Supermarket Grocery Supplies Pvt, commonly known as BigBasket, is also among Tata’s potential investment targets, one of the people said.