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Exclusive: Walmart close to buying majority of Flipkart, deal likely by end-June - sources

Reuters  |  HONG KONG/MUMBAI 

By Sumeet Chatterjee and Sankalp PhartiyalHONG KONG/MUMBAI (Reuters) - Walmart Inc is likely to reach a deal to buy a majority stake in Indian e-commerce player Flipkart by the end of June in what could be the U.S. retail giant's biggest acquisition of an online business, two people with direct knowledge of the matter said.Reuters reported last week that Walmart completed its due diligence on Flipkart and had made a proposal to buy 51 percent or more of the Indian company for between $10 billion to $12 billion.A deal with Flipkart would step up Walmart's battle with Amazon.com for a bigger ...

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First Published: Thu, April 12 2018. 18:27 IST
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