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Japanese multinational SoftBank Group Corp and Taiwanese electronics major Foxconn Technology Group, earlier Hon Hai Precision Industry Co Ltd, said on Friday that they would together launch a joint venture, strengthening ties between Asia's two biggest technology companies.

In a new development that has surfaced in India's tumultuous e-commerce industry, Softbank is brokering a merger between arch rivals Flipkart and Snapdeal. Consolidation seems to be a logical step in an environment where no single player is able to decisively emerge successful.