Walmart To Buy Controlling Stake In Indias Flipkart For 16 Billion

Walmart To Buy Controlling Stake In Indias Flipkart For 16 Billion

MUMBAI/NEW YORK - Walmart Inc (WMT.N) has agreed to pay $16 billion for a roughly 77 percent stake in Indian online shopping site Flipkart, the U.S.

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MUMBAI/NEW YORK – Walmart Inc (WMT.N) has agreed to pay $16 billion for a roughly 77 percent stake in Indian online shopping site Flipkart, the U.S. retailer’s biggest foreign investment as it battles rival Amazon.com Inc (AMZN.O) in one of the world’s biggest emerging markets.

The deal, capping almost two years of talks, will help the Bentonville, Arkansas-based retailer fortify and boost market share against Amazon.com, which reportedly had tried to make a competing offer for a stake.

“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 e-commerce in the market,” Doug McMillon, Walmart’s Chief Executive Officer, said in a statement on Wednesday.

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