Bezos’ Amazon is negotiating deals with a supermarket chain and a retailer. (AFP PHOTO/JOE KLAMAR)
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India's long-neglected retail market is turning into one of the world's hottest thanks to Warren Buffett, Jeff Bezos and a frenzy of billion-dollar dealmaking. Walmart Inc. just wrapped up a $16 billion agreement for control of the country's leading e-commerce player, Flipkart Online Services Pvt., while Bezos' Amazon.com Inc. negotiates deals with a large supermarket chain and an investment in a prominent retail conglomerate, according to local media.Perhaps most important, India is the last big retail market still up for grabs, with an internet economy projected to double to $250 billion by 2020 .India's vast retail industry has no parallel other than, perhaps, China. But unlike the Chinese market, dominated by Alibaba Group Holding Ltd., India is relatively open and largely unconquered, offering global players vast opportunity to grow.Amazon and Flipkart have cornered about three-quarters of the online Indian retail market, but other big players are getting aggressive.
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