Global e-commerce giant Amazon will acquire 49 percent stake in Future Coupons, a Future Group entity that holds minority stake in Future Retail.

Future Retails owns entities such as Big Bazaar, among others.

"Amazon has agreed to make an equity investment in Future Coupons Limited for acquiring a 49% stake comprising both, voting and non-voting shares," Future Retail said in a release to the exchange.

As part of the agreement, Amazon has been granted a call option. This call option allows Amazon to acquire all or part of the promoters' shareholding in Future Retail and is exercisable between the third and tenth years, in certain circumstances, subject to applicable law, the company said.

With a store count of 1,557 stores (spanning 16.27 million square feet) and presence in 437 Indian cities, Future Retail is among India's largest retailers. Amazon entered India's e-marketplace in 2013. A tie-up between the two would allow the Future Group to deleverage even as Amazon would get to push through the concept of converged retail.

Last year, global retail giant Walmart bought a majority stake in Amazon India's e-commerce rival Flipkart.

Correction: The previous version of the article mentioned that Amazon acquired 49 percent stake in Future Retail instead of Future Coupons. The error is regretted.