(Reuters) – US retailer Walmart Stores 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% to 20% stake in Amazon.com Inc’s main competitor in India, the newspaper said, citing two anonymous sources.
A deal could be finalised as early as March and may involve primary and secondary sales by longstanding Flipkart investors, the paper added.
“We don’t comment on rumours and speculation,” Walmart spokesman Randy Hargrove told Reuters via email.
Bengaluru-based Flipkart was not immediately available for comment outside regular business hours.
The news comes nearly two years after Reuters reported that the US retailer was looking to invest between $750 million and $1 billion in Flipkart.
(Reporting by Sangameswaran S in Bengaluru; Editing by Sai Sachin Ravikumar)