Walmart to buy majority stake in India's Flipkart for $16 billion

Submitted by ILoveTech in News

Supermarket veteran Walmart started its full-scale invasion into the cutthroat Indian e-commerce market, as it announced buying a majority stock in Bengaluru-based Flipkart Group. The Arkansas-headquartered US giant will pay about $16 billion for at least 77% percent stake in Flipkart, according to an SEC filing. However, shareholders of Walmart seem unimpressed by this huge step Eastward — sending the stock down by almost 5% in pre-market trade on Wednesday.


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