Amazon may reportedly rival Walmart with bid to buy India's Flipkart
Amazon may make an offer to buy Indian e-commerce giant Flipkart, an Indian newspaper reported Wednesday.
Flipkart is already in advanced talks with Walmart to sell a majority stake to the U.S. retailer but Amazon has held its own exploratory discussions to buy the company, India’s Mint newspaper said on Wednesday.
Citing two unnamed sources with “direct knowledge of the matter,” Mint reported more details about talks between Flipkart and Walmart. The sources said that Walmart is looking buy 55 percent of Flipkart through a mix of primary and secondary share purchases that could value the firm at $21 billion.
A deal with Walmart is more likely to succeed, sources told Mint.
Amazon declined to comment when contacted by CNBC. Flipkart and Walmart were not immediately available for comment.
Last year, SoftBank’s Vision Fund invested in Flipkart via a mix of primary and secondary capital. The deal saw the Japanese tech giant’s $100 billion investment fund become one of the largest shareholders in Flipkart. SoftBank was not immediately available for comment when contacted by CNBC.
You can read the full Mint report here.