Amazon wants to buy 60 percent of Flipkart; US e-commerce giant's bid likely to be on par with Walmart's offer

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, the TV channel reported. Amazon’s bid is likely to be on par with Walmart Inc’s bid for the Indian e-commerce company, CNBC-TV18 reported. [caption id=“attachment_4399399” align=“alignleft” width=“380”] Representational image. Reuters[/caption] Flipkart’s investors and founders are in favor of the deal with Walmart, with founder Sachin Bansal overseeing final negotiations with Walmart, CNBC-TV18 said. Amazon is also seeking a non-compete agreement with Flipkart’s founders, the report added. Reuters in April reported that Walmart was likely to reach a deal to buy a majority stake in Flipkart by the end of June. A deal with Flipkart would step up the Walmart-Amazon battle for a bigger share of India’s fledgling e-commerce market, which Morgan Stanley estimates will be worth $200 billion in a decade. The Walmart global team may come to India soon to close the deal, the report added. A spokesman for Walmart declined to comment, while Amazon said it does not offer comments on rumours and speculation. Flipkart did not immediately respond to an email seeking comment.