Amazon’s move comes ahead of Prime Minister Narendra Modi’s upcoming ban on plastic bags, cups and straws.
New FDI rules that took effect from February were designed to help small traders by curbing heavy online discounting.
Amazon to get access to 1,600 stores under Future brands.
Amazon will make an equity investment in a promoter group firm Future Coupons for a 49 per cent stake.
India’s revised ecommerce regulations, along with its push to compel multinationals to store data locally.
The new building, located on a 9.5 acre campus, would be the first to be owned by Amazon outside the US.
Amazon had been in talks with Future Retail for stake purchase a few months back.
The deal with the Future Retail is expected to close in the next few weeks, sources close to the development said.
Reliance Retail has crossed Rs 130,000-crore turnover and is four times larger than the second largest retail player.
Bezos had previously said he plans to sell stock worth about USD 1 bn each year to fund his rocket company, Blue Origin.