Business

Amazon Tables Formal Offer To Buy 60% Stakes Of Flipkart

NEWS WORLD INDIA | 0
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| May 3 , 2018 , 18:07 IST

E-commerce giant Amazon on Wednesday tabled a formal offer for a 60% stake at Flipkart, as per media reports. This bid can potentially complicate Walmart Inc’s bid for majority ownership of the Indian online retailer. Reuters on Thursday quoted two sources who confirmed that Amazon had actually proposed buying majority stake in Flipkart.

According to reports of last month, it was speculated that Walmart was close to buying a majority stake in Flipkart at $10 billion to $12 billion.

The talks with Walmart for what could be its largest acquisition to date are still ongoing, and the possibility of a deal in the near future cannot be negated. 

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A spokesman for Walmart declined to comment. Amazon said it does not offer comments on rumours and speculation, and Flipkart did not immediately respond to a request for comment.

A successful move by Amazon to grab Flipkart would likely send Walmart back to the drawing board when it comes to India, retail consultants and analysts said.

Flipkart had earlier acquired rivals Jabong and Myntra and had almost entered into final rounds with Snapdeal.