Alibaba is Not Acquiring Snapdeal

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.