Business

Amazon offers to buy 60% of Flipkart for $2 billion

Amazon has made an official offer to acquire a 60% stake in Flipkart. The company has even proposed a $2 billion breakup fee to prove its commitment on seeing out the deal. The offer is said to be on par with a previous one submitted by Walmart recently.

Walmart plans to retain Flipkart’s current structure (including company’s current CEO Kalyan Krishnamurthy) while Amazon has made no such promises and wants to sign a non-compete deal with Flipkart’s founders. Jeff Bezos refused to comment on the report.

Anyway, Flipkart’s investors and founders are leaning towards Walmart’s bid and the Sachin Bansal (Flipkart’s founder) has already been in the US to negotiate with Walmart’s execs. Walmart’s team, on the other hand, is expected to visit India to close the deal.

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