Softbank Group will sell its 20 percent stake in the e-commerce company that it owns through an investment fund.
Moneycontrol News
The board of directors of Indian e-commerce giant Flipkart has approved an agreement to sell around 75 percent stake to a group led by Walmart for around USD 15 billion, according to a report by .
Google's parent company Alphabet may also pick up a stake in Flipkart as a part of the deal, the news agency quoted sources as saying.
Softbank Group will sell its 20 percent stake in the e-commerce company that it owns through an investment fund. Flipkart has been valued at around USD 20 billion for the transaction.
The deal will be closed in 10 days but a few of its terms may be susceptible to change later.
With this deal, Walmart will get its foot in the door to a consumer base of more than 1.3 billion people.
According to the report, Amazon, the second largest e-commerce operator in the country after Flipkart, has been looking to expand its base in India. It even tried to derail Walmart's efforts to buy Flipkart by attempting to do so itself.