With Amazon.com Inc ramping up its presence in India, two local online retailers are preparing for tougher competition with separate deals worth a combined $400 million set to be finalised this week.Flipkart, India's largest online retailer, is expected on Thursday to announce its acquisition of a majority stake in online fashion retailer Myntra in a deal worth about $300 million, said an official from Myntra who did not want to be named as he was not authorised to speak with the media.In a separate deal, local online retailer Snapdeal has raised $100 million from five investors, a company official said on Wednesday. The deal will be announced in a few days, he said.The Snapdeal investors include Temasek Holdings, an official with the Singapore state investor said.
Amazon.com, Inc. (Amazon.com) serves consumers through its retail websites and focus on selection, price, and convenience. Shares of AMZN remained unchanged at $301.19. In the past year, the shares have traded as low as $258.34 and as high as $408.06. On average, 4694320 shares of AMZN exchange hands on a given day and today's volume is recorded at 5132.
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