Walmart to purchase Flipkart: Softbank CEO

SoftBank Group chief executive Masayoshi Son confirmed on Wednesday that the US retail giant Walmart is acquiring Indian e-commerce brand Flipkart.

Son said that the Walmart-Flipkart deal was sealed on the night of Tuesday, Japan Standard Time (JST) and added that its investment in the Indian online marketplace had almost doubled.

According to Reuters, SoftBank would sell all its shares in Flipkart to Walmart.

Walmart Chief Executive Officer Doug McMillon is expected to make a formal announcement on Wednesday in India.