Flipkart's Sachin Bansal's May Quit After Closing Deal With Walmart

Amazon looking to outbid Walmart in Flipkart deal

Walmart is expected to gain three to four seats on Flipkart's ten-member board.

The Economic Times newspaper first reported about the negotiations in January, although it had said that the deal would be a minority investment. The global e-tailer has made a formal offer to buy a 60% stake in Flipkart on Monday, sources said.

Sachin now holds 5.5% stake in the company.

As the world's largest retailer, Walmart, is inching closer to buying out India's Flipkart in a United States $12 billion deal, rival Amazon has jumped into the fray, making a formal offer to pick up a 60 percent stake in Flipkart, as per a CNBC TV18 report.

Taking over rival Flipkart will make sure that Amazon dominates the Indian market, considering all other players operate in niche markets or do not hold a substantial market share to compete with.

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India is a critical market for both Walmart and Amazon and a deal with Flipkart would help either player in consolidating their position in the booming e-commerce market here.

Walmart is expected to buy controlling stake in Flipkart. "Binny and Krishnamurthy have backed the deal with Walmart and the two are seen leading the final negotiations, which will likely result in a share purchase agreement by Walmart by early next week, ' another person close to the deal said". Some sources have said that Flipkart is valued at over $20 billion.

"Flipkart shareholders also stand to gain a better outcome on their returns (as part of deal with Walmart) and the founders and key management get a bigger stake in the game given higher reliance on them to successfully run and grow the commerce business", he added.

In a huge merger on Thursday, reports suggest that USA retail giant Walmart Inc has signed a deal to acquire 73% of controlling stakes of Indian e-retail company Flipkart - a deal that will likely prompt the exit of Flipkart's co-founder Sachin Bansal.

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