Business

Flipkart Board Approves Sale to Walmart for $15 Billion – Report The board of Flipkart has approved to sell a majority stake in the company to a Walmart led-group

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THE BOARD of Indian e-commerce bellwether Flipkart has approved to sell a 75 percent stake in the company to a Walmart led-group for $15 billion, news agency Bloomberg reported on Friday.

The proposed deal values Flipkart at about $20 billion. SoftBank Group will sell its 20-plus percent stake and Google’s parent Alphabet is also likely to participate in the investment with Walmart, the report said.

This is a significant move by Walmart in its continuing battle with Amazon for retail dominance and India will be key as its market is expected to be worth $200 billion a year within a decade.

The deal is expected to be closed within 10 days, the report said.

-ENDS-

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