US Retail Giant "Walmart" buys 77% stake in Flipkart
US retail giant Walmart has picked up 77 per cent stake in Indian e-commerce player Flipkart for $16 billion. This is the biggest bet of Walmart in India.
"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 eCommerce in the market," said Doug McMillon, Walmart’s President and Chief Executive Officer (CEO).
Analysts say it would be the world's biggest-ever e-commerce acquisition and pit Walmart head-to-head against rival Amazon in one of the world's fastest growing markets.
"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 eCommerce in the market," said Doug McMillon, Walmart’s President and Chief Executive Officer (CEO).
Analysts say it would be the world's biggest-ever e-commerce acquisition and pit Walmart head-to-head against rival Amazon in one of the world's fastest growing markets.
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