'Amazon makes formal offer to buy 60% stake in Flipkart'

Flipkart
Ahead of Walmart deal, Flipkart keeps $400 million aside to cut number of shareholders in Singapore: Report
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03 May, 2018

The Jeff Bezos-led company also offered Flipkart a breakup fee of $2 billion and is likely to be on par with Walmart Inc's bid for the e-commerce company.

This news is coming when Walmart is investing a big amount in Flipkart to Buy 52% -86% share in Flipkart. The company was trying to buy 51-55% of Flipkart at the time. Reports suggest that the deal could be wrapped up sometime in June.

Flipkart is already in talks with Walmart, the American supermarket retailer, to acquire a majority stake thought to be worth up to $12 billion.

Despite media reports claiming that the Flipkart-Walmart deal is in its last leg, arch rival-turned-suitor Amazon is showing no signs of exiting the stage. As part of the proposal, Amazon is seeking a non-compete agreement from Flipkart's founders.

FILE PHOTO: A Common myna sits next to the logo of India's e-commerce firm Flipkart installed on the company's office in Bengaluru, India April 12, 2018. In the year ended March 2017, Flipkart saw its losses leap 68 per cent to Rs 8,771 crore. Flipkart is registered as a public company in Singapore, and needs to reduce the number of its shareholders to below 50 to be recognised as a private limited company in the Southeast Asian country, said the report.

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Walmart is hemmed in by Indian regulations that do not allow foreign investment in multi-brand retailing operations and has been looking to muscle into India through an online retailing presence where there are fewer restrictions.

The company, which is based in Bangalore, is Amazon's biggest competitor in India, where the ecommerce market is forecast to hit $200 billion a year within a decade. That's before Amazon made its entry into this market, Walmart's deal with Bharti was called off in 2013 when Amazon was well established in India.

A successful Amazon bid also would upend much of Walmart's global strategy.

However, major shareholders such as Tiger Global and SoftBank are not expected to sell any shares in the latest buyback process. It has also purchased two other online retailers, Bonobos and ShoeBuy, as well as Parcel Inc., an e-commerce logistics provider. In 2017-18, Amazon Seller Services - the India unit - received over Rs 8,000 crore from its United States parent.


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