Google is expected to purchase up to 5% in Flipkart. Photo: ReutersBengaluru/New Delhi: Walmart Inc. is set to announce the purchase of a majority stake in Flipkart in a deal that will value India’s largest online retailer at more than $21 billion, making it the world’s biggest ever e-commerce acquisition. The deal is expected to be made public on Wednesday with Walmart chief executive Doug McMillon in India for the announcement, three people aware of the latest discussions said, requesting anonymity. Walmart will buy roughly 70% of Flipkart, the people said. Sachin Bansal is expected to sell his entire 5.5% stake in Flipkart, which started off as an online bookseller, for around $1 billion.

Source: Mint May 08, 2018 18:33 UTC