US merchandiser Wal-Mart Stores INC is in advanced talks to shop for a minority stake in Indian e-commerce firm Flipkart, money daily the Economic Times reportable on Tues.
Walmart might purchase a fifteen per cent to twenty per cent stake in Amazon.com Inc’s main contender in Asian country, the newspaper aforesaid, citing 2 anonymous sources.
A deal might be finalised as early as March and should involve primary and secondary sales by long Flipkart investors, the paper accessorial.
“We do not investigate rumours and speculation,” Walmart voice aroused Hargrove told Reuters via email.
Bengaluru-based Flipkart wasn’t at once on the market for comment outside regular business hours.
The news comes nearly 2 years when Reuters reportable that Walmart was trying to speculate between $750 million and $1 billion in Flipkart.