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Report: Amazon raises stakes in Flipkart deal

The battle for India’s online giant continues to heat up.

Amazon has one-upped Walmart by offering Flipkart, known as the "Indian Amazon," a $2 billion breakup fee, if the country's regulators block the deal, reported The Street.

“I've never heard of a breakup fee being such a large percentage of a deal,” Daniel McCarthy, marketing professor at Emory University's Goizueta School of Business, told The Street.

Except for the breakup fee from Amazon , the two American retailers are bidding the nearly same amount - $12 billion – which would give them about a 60% stake in Flipkart, the report said.

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