• Thursday, August 11, 2022

Business

Flipkart board reportedly approves $15 billion deal with Walmar

By: Sarwar Alam

Indian e-commerce giant Flipkart has agreed to sell 75 per cent of the company to US retail behemoth Walmart for about $15 billion, a report said, in what would be a blow to rival Amazon. Bloomberg News said Flipkart’s board had agreed the sale. Flipkart declined to comment. There has been months of speculation that Walmart was preparing to buy Flipkart to take on Amazon which is aggressively expanding in India, one of the world’s key online markets. Flipkart is India’s largest e-commerce group on the basis of sales but has been fighting off a huge challenge from Amazon since…

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