MUMBAI -- Walmart-owned Flipkart will acquire a 7.8% stake in Aditya Birla Fashion and Retail, run by billionaire Kumar Mangalam Birla, for 15 billion rupees ($204 million) as it moves to tap the offline retail player's large bank of apparel outlets.
Flipkart needs to fend off billionaire Mukesh Ambani-run Reliance Industries, which is rapidly expanding its retail business via major acquisitions and funding from overseas investors, including Silver Lake and KKR.
