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The global e-tailer has made a formal offer to buy a 60% stake in Flipkart on Monday, sources said.

It is unlikely that Flipkart will agree to sign over such an extensive part of its shares to either party: only last month, Flipkart shareholder Softbank resisted Walmart's bid for just 30% of the Indian company.

The move, which has been termed one of the biggest acquisitions in the world's second-most populous country, and is the biggest ever by Walmart, would see the retail giant spend at least $14.6 billion (up to $16 billion) in a cash-and-stock buyout.

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This could likely be the secondary valuation at which Walmart will invest in Flipkart.

Amazon's offer is likely to be on par with Walmart's bid for the Indian company.

As it is, right ahead of the blockbuster deal, Flipkart has bought back over 1.8 million shares worth more than $350 million from minority investors valuing the company at $17.69 billion as per information filed by Flipkart with Singapore's Accounting and Corporate Regulatory Authority. Co-founder, Binny Bansal, will probably remain after the merger since reports have indicated that Walmart is keen on keeping one of them. Walmart also plans to develop a grocery marketplace using Flipkart.

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Some of Flipkart's main investors - USA hedge fund Tiger Global Management, South African tech investor Naspers and venture capital firm Accel - are likely to retain small stakes, the report said.

"The stakes are really high for Walmart", said Brian Yarbrough, senior research analyst with Edward Jones.

Alphabet Inc. may be contributing $3 billion to the investment. Any Flipkart-Amazon deal would have come under the scanner of the competition watchdog given their dominant market share - around 70 per cent collectively - in the Indian e-commerce market. Interestingly, Amazon has also been in talks to acquire a majority stake in Flipkart, suggesting the United States company does not want Walmart to enter the Indian market. However, Amazon was indeed interested in buying Flipkart, said two sources, asking not to be named.

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Although Sachin's exit from Flipkart looks imminent, Walmart is holding on to Kalyan Krishnamurthy, the web retailer's present chief executive, TOI further said citing sources.