US retailer Wal-Mart Stores is in talks to invest $ 1 billion in Indian online retailer Flipkart Online Services, Bloomberg reported, citing sources.
According to the terms of a possible agreement, RNS reports, the retailer will receive a minority stake in an Indian company, sources said.
The last time Flipkart was priced at $ 16, follows from the CB Insights data.
Two companies seek to compete with Amazon, writes Bloomberg. In June, Amazon CEO Jeff Bezos announced plans to invest another $ 3 billion in expansion in the Indian market, bringing the total investment to $ 5 billion.
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