Amazon Offers To Buy 60% Stake In India's Flipkart: Reports
Amazon.com, Inc. has made a formal offer to buy a 60% stake in Indian online retailer Flipkart, CNBC-TV18 reported on Wednesday, threatening to complicate Walmart, Inc.'s bid to buy a majority stake in the Indian e-commerce player.
Sources told Reuters earlier this month that Walmart was likely to reach a deal to buy a majority stake in Flipkart, Amazon's biggest competitor in India, by the end of June, for $10 billion to $12 billion.
The deal would be the US retail giant's biggest acquisition of an online business and kick off a battle with Amazon in an Indian e-commerce market that analysts forecast will be worth $200 billion a year within a decade.
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