After reports emerged that Walmart is keen to pick up minority stakes in Flipkart, the American retail giant has now proposed opening a retail chain as part of the negotiations.
As reported by Economic Times (ET),
despite being interested in investing 30% stake in Flipkart, Walmart is likely to only receive a 20% stake because of objections from SoftBank, which is one of Flipkart's major investor.
According to ET, SoftBank said: “Flipkart has been trying to foray into offline stores for a long time and has been looking for the right partner."
Flipkart reportedly also wants to buy retail chain Vishal Mega Mart from TPG and Shriram Group.
The Drum earlier spoke with Flipkart spokesperson to find out more about the Walmart deal, but the company refused to comment.