Walmart seals deal to buy stake in Flipkart

Walmart seals deal to buy stake in Flipkart

FPJ BureauUpdated: Wednesday, May 29, 2019, 06:56 AM IST
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Walmart and Flipkart Group announced the closing of the agreements for Walmart to become the largest shareholder in the Flipkart Group.

“Walmart and Flipkart will achieve more together than each of us could accomplish separately to contribute to the economic growth of India, creating a strong local business powered by Walmart,” said Judith McKenna, president and CEO of Walmart International. “We are poised and ready to deliver the full value of this partnership for India,” said Binny Bansal, Flipkart’s co-founder and group chief executive officer. “

With the completion of the investment, Walmart now holds approximately 77 percent of Flipkart. The remainder of the business is held by other shareholders, including Flipkart co-founder Binny Bansal, Tencent, Tiger Global and Microsoft Corp. Moving forward, Flipkart’s financials will be reported as part of Walmart’s International business segment.

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