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SoftBank engineers integration of India's Snapdeal, Flipkart

Japanese tech giant eyes 20% interest in envisioned challenger to Amazon

Flipkart and Snapdeal dominated India's e-commerce industry until entered the fray in 2013, pushing Snapdeal down to No. 3.   © Getty Images

TOKYO -- SoftBank Group has reached a broad agreement to combine Flipkart, India's top e-commerce company, with third-ranked Snapdeal to more effectively take on rapidly encroaching American titan

The Japanese telecommunications company, Snapdeal's top shareholder, has been holding talks with Flipkart investors Microsoft, eBay and Tencent Holdings. Looking to own 20% of the combined entity, SoftBank plans to put in more money via its massive joint investment fund.

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