Walmart is set to unveil a deal worth nearly $15bn to take a majority stake in Flipkart, India’s biggest online retailer, setting up a fight with Amazon for the fast-growing Indian ecommerce sector.
The Arkansas-based retailer will buy about three-quarters of Flipkart’s shares, barring any last-minute complications, valuing the company at just under $20bn, according to two people directly involved in the deal.
Doug McMillon, Walmart’s chief executive, will fly to India this week to announce the deal, one person said.
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