SoftBank Group Corp said it is selling its roughly 20 pc stake in Indian e-commerce firm Flipkart to Walmart.
SoftBank wrote off 39.28 billion yen in the value of shares in its Indian investments
Tokyo: SoftBank Group Corp said on Wednesday it is selling its roughly 20 per cent stake in Indian e-commerce firm Flipkart to Walmart Inc.
Walmart said earlier this month it will pay $16 billion for a roughly 77 per cent stake in Flipkart, the US retailer’s largest-ever deal.
A SoftBank spokesman declined to give further details.
SoftBank CEO Masayoshi Son said earlier this month the $2.5 billion investment through its private equity fund in Flipkart made last year was worth $4 billion.
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