Home News American News Walmart acquires 77% stake in Flipkart for $16 bn

Walmart acquires 77% stake in Flipkart for $16 bn

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SAN ANTONIO (U.S.), July 23, 2017 (Xinhua) -- Photo taken on July 23, 2017 shows a Walmart parking area where an illegal immigrants' incident occurred in San Antonio, Texas, the United States. Eight people were found dead in a trailer carrying illegal immigrants at the Walmart parking area in southern Texas City of San Antonio early Sunday morning, authorities said. (Xinhua/Yan Bo/IANS) by .

The deal, which will see co-founder Sachin Bansal exit completely, by selling his entire 5.5 percent stake. After the deal, Walmart Inc will become the largest shareholder in Flipkart Group with 77% share….reports Asian Lite News

Flipkart . (Photo: Twitter/@Flipkart) by .

The world’s largest retailer, Walmart Inc, on Wednesday announced it was buying 77 percent equity stake in India’s e-tail major Flipkart for $16 billion.

“Subject to regulatory approval in India, Walmart will pay $16 billion for an initial stake of 77 percent in Flipkart,” the Kansas-based company said in a statement from the US.

This is also the largest buyout for the US company with its biggest bet ever in online space and on India, underscoring the growing digital consumption potential in a country of 1.3 billion.