Trending Now What's hot

The Giant Wins: Flipkart finalizes the Deal with Walmart at $16 billion, Owning 77% of its Stake

BureauComments Off on The Giant Wins: Flipkart finalizes the Deal with Walmart at $16 billion, Owning 77% of its Stake

New Delhi

India’s largest e-commerce company Flipkart on Wednesday agreed to sell 77 per cent stake to US retail giant Walmart for $16 billion. Ahead of the official announcement.

“India is one of the most attractive retail markets in the world, given its size and growth rate, and our investment is an opportunity to partner with the company that is leading transformation of eCommerce in the market,” said Doug McMillon, Walmart’s President and Chief Executive Officer (CEO).

McMillon is currently in India in connection with the mega deal and is expected to meet government officials as well.

Commenting on the deal, Binny Bansal, Flipkart’s co-founder and group CEO said, “This investment is of immense importance for India and will help fuel our ambition to deepen our connection with buyers and sellers and to create the next wave of retail in India.”

Walmart also plans to pump $2 billion (nearly Rs 13,000 crore) as fresh equity into Flipkart to strengthen its hold on the e-commerce firm.

Related Articles
National Trending Now

Army, paramilitary forces deployed in violence-hit Manipur

Bureau

Army and paramilitary forces have been deployed in violence-hit Manipur following clashes and arson during protests against the inclusion of the majority Meitei community in the Scheduled Tribes (ST) category even the organisation spearheading the agitation said tribals were being targeted in places such as Imphal while police looked on. Guwahati-based public relations officer (defence) […]

Sunil-Chetri
Sports What's hot

Sunil Chhetri Retires: Indian Football Legend Ends Era

Bureau

In the year 2024 on May 15th Sunil Chhetri who is the respected captain of the national team rocked the football arena by his retirement. The farewell message was delivered through a heart-warming video shared over various social media networks after 17 years of being part of it, hence leaving behind a lasting impression for […]

Chandigarh mayor - Hello Tricity
National Regional Tricity What's hot

Chandigarh Mayor has to bear the expense of ‘illegal’ meeting

Bureau

Kuldeep Kumar Dhalor, Chandigarh Mayor, recently held a budget meeting against the letters from UT Administration and the Municipal Corporation commissioner, as a result, BJP councilors are demanding that the whole meeting should be declared illegal and the expense spent on the session should be recovered from the Mayor himself. BJP Councillors explained that as […]