Amazon has reportedly made a formal bid to acquire a majority stake in Indian eCommerce platform Flipkart – after Walmart made a similar offer.

According to CNBC TV18 in India, citing sources, Amazon’s offer is for 60 per cent of the Indian online store. It is believed that this offer is equal to Walmart’s however, Amazon has proposed a $2bn breakup fee and Walmart’s offer would mean the US retail chain picking up an 80 per cent stake.

Walmart has said that it would retain Flipkart’s current structure, keeping current CEO Kalyan Krishnamurthy at the company’s helm. Amazon, on the other hand, hasn’t made the same promises and even intends to have Flipkart’s founders sign a non-compete agreement.

All the evidence points toward Walmart winning out over Amazon with the suggestion that Flipkart’s investors and founders favour a deal with Walmart. Furthermore, Flipkart founder Sachin Bansal recently visited the US to negotiate with Walmart, and the retail giant may return the favour by visiting India soon to close the deal.