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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.

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