January 30, 2018 / 7:03 PM / 7 months ago

Walmart in talks to buy minority stake in India's Flipkart - report

Jan 30 (Reuters) - U.S. retailer Wal-Mart Stores Inc is in advanced talks to buy a minority stake in Indian e-commerce firm Flipkart, Indian financial daily the Economic Times reported on Tuesday.

Walmart could buy a 15 percent to 20 percent stake in Amazon.com Inc's main competitor in India, the newspaper said, citing two anonymous sources. (bit.ly/2BCKWix)

A deal could be finalized as early as March and may involve primary and secondary sales by longstanding Flipkart investors, the paper added.

Walmart did not immediately respond to Reuters’ request for comment. Bengaluru-based Flipkart was not immediately available for comment outside regular business hours.

The news comes nearly two years after Reuters reported that Walmart was looking to invest between $750 million and $1 billion in Flipkart. (Reporting by Sangameswaran S in Bengaluru; Editing by Sai Sachin Ravikumar)

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