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.
