India's e-commerce sector may see its biggest consolidation with online fashion store Myntra likely to announce a merger and acquisition deal with its cross-town rival Flipkart on Thursday. Myntra has sent out a press invitation for the announcement of a strategic development at the company on Thursday, but did not divulge further details.
The merger between the companies has been in the works for a few months now, with the last few weeks seeing hectic parleys over Myntra's autonomy post the deal. It is understood that stakeholders have ironed out differences over the autonomy issue. FE had reported two weeks ago that a deal was likely to be concluded by the end of the month.