Walmart has announced that it has complete its acquisition of India’s Flipkart, the company paid $16 billion to become the majority owner of Flipkart.
Walmart is now the largest shareholder in Flipkart and the company now hold around a 77 percent stake in Flipkart.
“Walmart and Flipkart will achieve more together than each of us could accomplish separately to contribute to the economic growth of India, creating a strong local business powered by Walmart,” said Judith McKenna, president and CEO of Walmart International. “Our investment will benefit India by providing quality, affordable goods for customers, while creating new skilled jobs and opportunities for suppliers. As a company, we are transforming globally to make life even easier for customers, and we are delighted to learn from, contribute to and work with Flipkart to grow in India, one of the fastest-growing and most attractive retail markets in world.”
“We are poised and ready to deliver the full value of this partnership for India,” said Binny Bansal, Flipkart’s co-founder and group chief executive officer. “By combining Walmart’s omni-channel retail expertise, supply-chain knowledge and financial strength with Flipkart’s talent, technology and local insights, we are confident that together we can drive the next wave of retail in India.”
You can find out more information about Walmart’s acquisition of Flipkart over at their website at the link below.
Source Walmart, TechCrunch