Walmart is looking to shell out about $10b-$12b for the stake that would value Flipkart at roughly $20 billion
The approval makes Paytm the first digital payments firm to sell products such as insurance and mutual funds in India.
Ola, founded in 2011, has been locked in a fierce battle with Uber for a bigger piece of India’s $12 billion taxi market.
As of end-September, Nettle owned 7.7% of Bharti Infratel, while Bharti Airtel owned 50.3% of the tower operator.
IPOs & Markets
This was the fourth billion dollar-plus IPO in India this year.
After raising $1.1 billion last month, Ola had said it was in "advanced talks with other investors" for a further $1 billion.
The deal could be worth around $1 billion.
Paytm has more than 225 million users in India.
India is the world's No. 2 consumer of gold behind China.
Warburg will buy an about 30 percent stake from Tata Motors and its subsidiary, Sheba Properties Ltd, and another 13 percent held by Tata Capital in T
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