| Make foodmate.com your Homepage | Wap | Archiver
Advanced Top
Search Promotion
Search Promotion
Post New Products
Post New Products
Business Center
Business Center
 
Current Position:Home » News » General News » Topic

Walmart completes deal to acquire 77 percent of Flipkart

Zoom in font  Zoom out font Published: 2018-08-21  Views: 13
Core Tip: This Saturday, US-based retail giant Walmart Inc said it has completed its $16 billion deal with Flipkart and now holds a 77 percent stake in the Indian e-commerce player.
 This Saturday, US-based retail giant Walmart Inc said it has completed its $16 billion deal with Flipkart and now holds a 77 percent stake in the Indian e-commerce player. The Bentonville giant's investment includes $2 billion of new equity funding to help accelerate the growth of the Flipkart business.
 
The mega deal, announced in May this year, is the largest so far in the Indian retail space. This is also Walmart's biggest acquisition and will help it compete more aggressively with its US-based rival Amazon.
 
"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," a statement said.
 
Flipkart's existing management team will continue to lead the business. Walmart and Flipkart will retain their individual brands and separate operating structures in the country.
 
According to businesstoday.in, Walmart, which currently operates 21 cash-and-carry stores in India, is keen on working with Flipkart to grow in India, which is one of the fastest-growing and most attractive retail markets in world.
 
 
[ News search ]  [ ]  [ Notify friends ]  [ Print ]  [ Close ]

 
 
0 in all [view all]  Related Comments

 
Hot Graphics
Hot News
Hot Topics
 
 
Powered by Global FoodMate
Message Center(0)