Friday, 11 May 2018

SoftBank still undecided on exiting Flipkart

Japan's SoftBank Group Corp has not yet decided to sell its 20-22 percent stake in Flipkart to US retailer Walmart Inc, sources with direct knowledge of the development said. 

SoftBank's Masayoshi Son will take a call in the next 7-10 days on whether to exit India's biggest online retailer or say invested for some more time, they said.

Walmart had on Wednesday announced that it will pay about USD 16 billion to buy 77 percent stake in Flipkart.

A statement issued by Walmart that day identified Flipkart co-founder Binny Bansal, Tencent Holdings Ltd, Tiger Global Management LLC and Microsoft Corp as the investors who would hold the remaining 23 percent, implying SoftBank had agreed to sell its 20-22 percent stake.

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