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SoftBank to pump $650M into India's Snapdeal

TOKYO -- SoftBank will invest $650 million in Snapdeal to gain a 30%-plus stake in the Indian e-commerce giant, apparently with a vision of turning it into a "second Alibaba."

     An agreement will likely be reached as early as this month. Snapdeal will issue new shares, with the Japanese company purchasing a portion in a private placement. Such existing stockholders as eBay of the U.S. will also likely buy new shares. Snapdeal plans to apply the proceeds toward strengthening its logistics network and other purposes.

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