MUMBAI (Reuters) - Indian e-commerce firm Flipkart's board is yet to finalise a deal to sell a stake to Walmart Inc, two sources with direct knowledge of the matter said on Friday, with one of them saying a deal could just be days away.
Bloomberg, earlier on Friday, citing unnamed sources said Flipkart's board had approved a deal to sell a stake of about 75 percent in the company to a group led by U.S. retail giant Walmart for about $15 billion.
Walmart is in advanced talks with Flipkart to acquire a controlling stake of more than 51 percent in the Bengaluru-based online marketplace at a valuation of at least $18 billion, Reuters has previously reported.
A third source told Reuters that while Flipkart's board has "in-principle" approved engaging with Walmart based on the terms of an offer before them, taxation related concerns and a few other issues need to be resolved.
Sources have said that Amazon.com Inc is also interested in buying Flipkart, India's top homegrown e-commerce firm, but a deal with Walmart is much more likely to go through. Amazon is Flipkart's biggest rival in India.
(Reporting by Sankalp Phartiyal; Editing by Muralikumar Anantharaman)
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app