US-based retail giant Walmart is in discussion with Flipkart to buy stake in the e-commerce company, a deal that is expected to value the Indian firm at about $20 billion, sources close to the development said.
The sources declined to be identified as the matters are private.
The deal, which is likely to be carried out in tranches, will include purchase of primary and secondary shares, one of the sources said.
The deal, if it goes through, would unlock the booming Indian e-commerce market for the world's largest offline retailer. For Flipkart, it would provide more arsenal to go up against rival, Amazon in the Indian market.
Amazon and Flipkart are locked in an intense battle for leadership in the Indian market and have pumped in billions of dollars towards marketing and setting up infrastructure in the country.
There have been reports of Flipkart being in discussion with the rival for a possible acquisition, though there has been no formal announcement on that.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)