May 2, 2018
Amazon and Walmart may battle for India's Flipkart
Amazon is reportedly seeking to take a 60% stake in Indian e-commerce firm Flipkart, which would challenge Walmart's interest in the company. News of Amazon's offer comes days after reports that Walmart was close to a deal of its own for Flipkart. Walmart has been expanding its online offerings and is looking to gain a presence in India. Walmart is seeking to take an 80% stake in the firm and had pledged to keep the current management team in place, according to CNBC-TV18. The channel said Walmart's offer had the backing of Flipkart's leaders. India's e-commerce industry is expected to reach US$200bn by 2026, up from $38.5bn last year, according to the India Brand Equity Foundation, which was founded by the Indian government.
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