Walmart will acquire 77% of Flipkart for USD 16 billion. The remaining stake will be held by some of Flipkart’s existing shareholders, including Flipkart co-founder Binny Bansal, Tencent Holdings Limited, Tiger Global Management LLC and Microsoft Corp.

Doug McMillon, Walmart’s president and chief executive officer, “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.”

Furthermore, Binny Bansal will take over as the as the new Executive Chairman and Group CEO of Flipkart and Kalyan Krishnamurthy will continue in his current role as the Flipkart CEO.

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