Upon the recent approval of the Walmart’s plan to acquire majority stake in Flipkart, despite Indian traders’ protests, the US based retail giant on Saturday announced the closing of agreements for Walmart to become the largest shareholder in the Flipkart Group.
This comes after the announcement in May this year, where Wal-Mart said it has agreed to acquire a 77% stake in the Flipkart group, worth $16 billion. The homegrown Flipkart, upon this transaction is left valued worth $20 billion. This deal will put Walmart, the world’s largest retailer in direct competition for dominance in India, against the U.S. rival Amazon.com.
For more information: https://www.thehindu.com/business/Industry/walmart-completes-flipkart-buy/article24727222.ece
This post has been authored by Aryan Mohindroo, a Third Year Student of the West Bengal National University of Juridical Sciences, Kolkata.
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