Walmart buys controlling stake in Flipkart for $16 billion


New Delhi: World’s largest retailer Walmart Inc on Wednesday officially announced that it will buy a majority stake in Flipkart , making it one of the largest M&A deals in India.

Walmart will pick up 77 percent stake of Flipkart for $16 billion, valuing the company at about USD 20 billion. The remainder of the business will be held by some of Flipkart`s existing shareholders, including Flipkart co-founder Binny Bansal, China`s Tencent Holdings Ltd, Tiger Global Management LLC and Microsoft Corp.