May 4, 2018 / 8:23 AM / 17 days ago

India's Flipkart approves $15 billion stake sale to Walmart-led group: Bloomberg

MUMBAI (Reuters) - Indian e-commerce firm Flipkart’s board has approved a deal to sell an equity stake of about 75 percent in the company to a group led by Walmart Inc (WMT.N) for about $15 billion, Bloomberg reported on Friday, citing unnamed sources.

FILE PHOTO: A Common myna sits next to the logo of India's e-commerce firm Flipkart installed on the company's office in Bengaluru, India April 12, 2018. REUTERS/Abhishek N. Chinnappa/File Photo

SoftBank (9984.T) will sell its 20-plus percent stake as part of the deal, Bloomberg said, adding Google’s parent Alphabet Inc (GOOGL.O) was likely to participate in the investment with Walmart.

A final close of the deal is expected within 10 days, although deal terms could still change and a deal isn’t certain, Bloomberg reported.

    Flipkart and Alphabet did not immediately respond to requests for comment. Walmart and SoftBank declined to comment.

    Earlier this week, Indian TV channel CNBC-TV18 reported that Amazon.com Inc (AMZN.O) has made a formal offer to buy 60 percent of Flipkart. Amazon, which is Flipkart’s biggest rival in India, declined to comment on that report.

    Reporting by Sankalp Phartiyal; Editing by Muralikumar Anantharaman

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