US-based retailer Walmart is said to be in talks with Indian e-commerce retailer Flipkart for acquiring a minority stake in the company.
According to a report published in The Economic Times, Walmart is planning to acquire a 20% stake in the Indian firm by March.
Earlier this month, a delegation comprising top Walmart’s officials believed to have visited Flip Karts head office located in Karnataka, South India.
Media reports suggested that the US-based retailer expressed its interest in investing in the Indian e-commerce company in September 2016.
Reuters reported that Walmart is planning to invest around $750m to $1bn in Flipkart, but did not specify the final value as the talks at that time were at the preliminary stage.
Flipkart and Walmart officials declined to comment on these latest speculations.
Walmart has already established its presence in the Indian retail segment through its wholly owned subsidiary Wal-Mart India.
Walmart’s Indian arm currently operates its stores under the Best Price brand, which are located in various states across India, including Punjab, Maharashtra, Uttar Pradesh and Andhra Pradesh.
Walmart also recently established a strategic alliance with the Japanese e-commerce company, where both the companies have agreed to launch online grocery delivery service in Japan, as well as new e-books and audiobooks in the US market.