Flipkart okays $15 bn stake sale to Walmart-led group

MUMBAI: Indian e-commerce firm Flipkart’s board has approved a deal to sell an equity stake of about 75 per cent in the company to a group led by Walmart Inc for about $15 billion, Bloomberg reported on Friday, citing unnamed sources. SoftBank will sell its 20-plus per cent stake as part of the deal, Bloomberg said, adding Google’s parent Alphabet Inc 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 has made a formal offer to buy 60 per cent of Flipkart. Amazon, which is Flipkart’s biggest rival in India, declined to comment on that report. — Reuters