Son informed that the agreement between Walmart and Flipkart was made Tuesday night Japan Time.
Masayoshi Son, CEO of Japanese firm SoftBank, has confirmed that Walmart has acquired a majority stake in Flipkart.
The Walmart-Flipkart deal was sealed on Tuesday night, Japan Time, Son was quoted by Reuters in a conference call after SoftBank reported earnings. He added that SoftBank's investment in the Indian online marketplace had almost doubled.
SoftBank is the largest investor in Flipkart, and holds about 20 percent stake in the e-tailer.
Flipkart and Walmart are yet to make a formal announcement, though sources told Moneycontrol that it could be out within hours.
Moneycontrol had reported earlier that Walmart has signed a definitive agreement to acquire about 75% of online retailer Flipkart.
Gartner's Research Director, Adrian Lee, said in a statement, "Expect the status quo to remain within the year after the Flipkart-Walmart deal is completed. This is an extension of Walmart’s global expansion strategy. This should not be observed without mention to Alibaba Group’s intent to become the third player in India.”
To be updated.