Amazon makes formal bid to buy 60% stake in Flipkart: Reports

The US online retail giant will also offer a breakup fees of $2 billion

US online retail giant Amazon has made a formal offer to buy a 60 per cent stake in India's leading e-commerce marketplace Flipkart, according to a report by CNBC TV18 which cited sources.

Amazon's offer to acquire a majority stake in Flipkart comes at a time when rival Walmart is close to completing a $12 billion deal to pick up an equivalent amount of stake in the Indian firm. Talks between Walmart and Flipkart have been on for months now and the deal was expected to close soon.

CNBC TV18 reported that Amazon's offer was on par with Walmart bid,