Retail giant Walmart Inc. might close the agreement to buy a majority stake in e-commerce group Flipkart Online Services Pvt. Ltd. for at least $12 billion as early as next week, an deal that will provide the grocery store operator a place in India’s emerging e-commerce market.
Sources familiar with the matter said all major investors of Flipkart now support the Walmart acquisition, after earlier deliberation over an Amazon.com Inc. purchase. If the transaction goes through, it would be the biggest in the country’s e-commerce industry.
Earlier reports stated that Arkansas-based company has completed its due diligence process and has proposed to buy a 51 percent stake in the Indian firm for $7 billion.