BENGALURU: Walmart Inc is in talks with Tata Group for an investment of up to US$25 billion in the Indian conglomerate's planned"super app", the Mint newspaper reported on Tuesday, citing people familiar with the matter.
"Walmart is keen to get a strong brand backing its e-commerce business, while Tata group wants a global name and an established player in the online space... to be able to compete against Reliance Industries' Jio Platforms and Amazon," a source told Mint. Walmart did not respond to a Reuters request for comment, while Tata and Goldman declined to comment.Shares of Tata Group flagship Tata Consultancy Services climbed 2.6per cent on Tuesday, while Tata Steel gained nearly 1per cent in a flat overall market .
Walmart, Amazon and Reliance Industries , controlled by Asia's richest man Mukesh Ambani, have all made bold bets on India's booming e-commerce market, which Goldman Sachs has estimated to be worth US$99 billion by 2024.
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