New Delhi: Walmart completed a thorough due diligence process on e-commerce firm Flipkart this week, two sources said, as the US retail giant looks to take a controlling stake of 51 per cent or more in the company.
Walmart has already floated a shareholder agreement, or offer proposal, and is looking to shell out about $10 billion to $12 billion for the stake that would value Flipkart at roughly $20 billion, one of the sources familiar with the matter said.
A deal is far from finalised, however, and talks between the two parties and investors in Flipkart are ongoing, said a third source.
The sources asked not to be named because the talks are private.
A stake in Flipkart would pit Walmart against Amazon.com in India and media have reported that Amazon is exploring a rival offer for Flipkart.
Walmart and Flipkart declined to comment. SoftBank too declined to comment.
