Flipkart Online Services will sell about 75 percent stake to a Walmart-led group for $15 billion, Bloomberg reported.
The board of Flipkart has approved the deal. The company is expected to reveal more details in the next 10 days.
SoftBank Group will its entire 20-plus percent stake in Flipkart through an investment fund at a valuation of roughly $20 billion.
Google-parent Alphabet is likely to participate in the investment with Walmart.
The largest e-commerce deal in India would seal a Walmart triumph over Amazon.com, which has been trying to take control of Flipkart with a competing offer.
Flipkart’s board decided in favour of Walmart because a deal rival Amazon will not likely to win regulatory approval. This is because Amazon is the No. 2 e-commerce company in India behind Flipkart and its primary competitor.
