Flipkart sells 77% stakes to Walmart Inc

Bengaluru, May 9: In a mega deal in India's e-commerce space, the world's retail giant, Walmart Inc, on Wednesday announced it was buying 77 percent equity stake in the country's largest e-tailor Flipkart for $16 billion.

"Subject to regulatory approval in India, Walmart will pay $16 billion (Rs 1,07,662 crore at $67.3) for 77 percent equity stake in Flipkart," the Arkansas-based firm said in a statement from the US.

The acquisition of the majority stake makes the $500-billion Walmart the largest shareholder of the city-based Flipkart group and will help accelerate its mission to transform e-commerce through digital technology.

As part of the agreement, the remaining 33 per cent of the equity will be with Flipkart co-founder Binny Bansal and institutional investors Tencent Holdings Ltd, Tiger Global Management LLC and Microsoft Corporation.