Alibaba Acquires Majority Stake in Chinese Supermarket Chain Sun Art

Alibaba said on Monday it will invest $3.6 billion (roughly Rs. 264,24 crores) to boost its stake in hypermarket operator Sun Art, gaining further ground in Chinaࢀ™s retail market. The e-commerce giant is hoping to further leverage its digital presence to support Sun Artࢀ™s 481 hypermarkets and three mid-size supermarkets in China. The move comes as Alibaba steadily expands its presence in Chinaࢀ™s offline retail sector, as growth in traditional e-commerce slows. Alibaba , which already owned 21 percent of Sun Art through a unit, will raise its stake to around 72 percent through the acquisition of a similar stake…