Alibaba is Not Acquiring Snapdeal
People walk past a company logo at the Alibaba Group headquarters in Hangzhou, in eastern China's Zhejiang province. (Photo: AP)
China's Alibaba Group Holding is not buying Indian e-commerce company Snapdeal and is not in talks to do so, a person familiar with the matter said, dampening talk that an acquisition was in the works.
This comes after Alibaba's talks over a potential buyout went cold with India's Flipkart.
Chinese e-commerce major Alibaba tried buying out Snapdeal to set up a new battlefront with global rival Amazon.