MUMBAI (NewsRise) -- eBay plans to relaunch operations in India after selling a minority stake in Flipkart Internet as the U.S. online marketplace strives to stay relevant in the south Asian nation's fast-growing e-commerce market.
The U.S. company will sell its stake in Flipkart to Walmart for about $1.1 billion, it said in a statement late Wednesday, soon after Walmart made its much-awaited announcement about picking up a 77% stake in Flipkart for $16 billion. eBay had purchased an undisclosed stake in Flipkart for $500 million in cash in April last year.
