Flipkart has officially announced its plan to acquire a 100% stake in Cleartrip, one of the oldest travel booking portals in India, as the online retailer looks to strengthen its overall offerings.

The Walmart-owned e-commerce firm said it will acquire the operations of Cleartrip and retain all employees. Cleartrip will continue to operate as a separate brand and will work closely with Flipkart to further develop technology solutions.

The deal is subject to regulatory approvals, the company said. While the terms of the acquisition were not disclosed, the deal is expected to be a mix of cash and equity, likely valuing the online travel agent at around $40 million in what is considered to be a distress sale, ET reported earlier this week.