Walmart to pay $16 billion for India’s Flipkart

Walmart to pay $16 billion for India's Flipkart

US retail giant Walmart on Wednesday confirmed it’s buying a majority stake in Indian online retailer Flipkart in the world’s biggest e-commerce deal.

Walmart will pay $16 billion for a roughly 77 per cent of the Indian company.

“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 e-commerce in the market,” Walmart CEO Doug McMillon said in a statement.

Walmart’s interest in Flipkart was first reported in 2016.

Our correspondent Rebecca Bundhun reports from Mumbai
      

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