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Amazon offers to buy 60% stake in Flipkart: CNBC-TV18

Last Updated 02 May 2018, 11:33 IST

Amazon.com Inc has made a formal offer to buy a 60 percent stake in Indian online retailer Flipkart, CNBC-TV18 reported on Wednesday, citing sources.

Amazon 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, CNBC TV-18 reported.

Reuters in April reported that Walmart was likely to reach a deal to buy a majority stake in Flipkart by the end of June.

Representatives at Amazon, Flipkart and Walmart were not immediately available for comment.

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(Published 02 May 2018, 08:45 IST)

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