Walmart Inc's Flipkart will invest 15 billion rupees ($203.78 million) in Aditya Birla Fashion and Retail Ltd for a 7.8% stake, the fashion apparel company said here on Friday.
Aditya Birla Fashion Retail (ABFRL), which has been hit hard due to the COVID-19-induced lockdown, is looking to expand its online presence. The group is in talks with global giants like Walmart and Amazon to explore various options for a strategic tie-up, sources had told CNBC-TV18.
According to the sources, who did not want to be named, Aditya Birla Group has been actively exploring various options with Walmart for an alliance through Flipkart or through its online fashion retail player, Myntra.
ABFRL could be open to a joint venture or hiving off business into a special purpose vehicle as part of the deal which may or may not have an equity sale component. The company sees online reach as key to growth in the post-COVID world and eyes an integrated retail model beyond omnichannel approach
