BANGKOK: The Thai Central Group, the largest national retailer, on Thursday (January 31) confirmed that it would invest $ 200 million in a local company based in Singapore.
The Central Group said it would acquire a significant non-controlling interest in a Thai company.
The report confirmed the Reuters report on Wednesday.
Reuters reported for the first time in September that both companies were negotiating sales.
Both companies will work together on transport, food and food supply, as well as logistics, retail executive director and CEO Tos Chirathivat.
"We look forward to working together to revolutionize the retail and services industry," he said.
This is the first time a partner has invested in Grab's local businesses, Grab's chief executive, Anthony Tan, told reporters on a press conference on Thursday.
"Central's $ 200 million investment is a major local joint venture," said Tan, adding that Grab's operations in Thailand will expand beyond driving and food delivery.
"We are moving forward with e-commerce and logistics … We plan to travel online with booking and Agoda."
Travel Giant Booking Last Year Got $ 200 Million Grab.
Tourism is a major contributor to the Thai economy, lagging behind the peers of Southeast Asia.
In 2018, 38.27 million tourists were seen in Thailand.
READ OUT: You are at work! Thai start-up fills a gap in technology talent work
The deal soon after Indonesia's competing Go-Jek started driving and food supply operations in Thailand.
In 2017, a joint venture with China's second e-commerce platform JD.com, supporting Go-Jek, was launched.
In Thailand there is no fully regulated travel division with the police, sometimes police fines.
READ: Go-Jek aims to increase Southeast Asia's $ 2 billion: Sources
In November, Grab announced a strategic partnership with Thailand's fourth largest bank, Kasikornbank, to offer its mobile wallet GrabPay and other financial services in Thailand.
By the beginning of 2019, the Grab app will have a common brand mobile payment app called KBab called GrabPay.
KBank is also investing $ 50 million in Grab by joining Toyota Motor and Hyundai Motor as Grab's sponsors.
According to the Google-Temasek report, the Southeast Asia market is expected to grow to almost $ 30 billion by 2025 from $ 7.7 billion in 2018.
Central, owned by the billionaire Chirathivat family, also manages shopping centers and hotels throughout Thailand.
READ: Grab to get a new S $ 181 million seat in Singapore