Photo: ReutersBengaluru: Walmart Inc. is close to finalizing a deal to buy a majority stake in India’s leading e-commerce company for at least $12 billion and may complete the agreement in the next two weeks, according to people familiar with the matter. Walmart will likely end up with 60% to 80% of Flipkart, valued at about $20 billion, they said. Also read: Flipkart Walmart deal would be good for e-commerce: Amazon India headThe deal, if completed, will give Walmart a substantial foothold in an emerging market of 1.3 billion people. Flipkart’s board had seriously considered Walmart and Amazon as potential partners, but ultimately decided Walmart could close a deal more easily. Walmart can aid Flipkart with deep pockets and decades of retailing expertise in skills from logistics to marketing.

Source: Mint April 23, 2018 07:07 UTC