Walmart: buys 16 billion dollar stake in India's Flipkart
(CercleFinance.com) - Walmart is paying approximately 16 billion dollars for an initial stake of approximately 77 per cent in Flipkart, India's biggest online company, the US retail giant said on Wednesday.
"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", said Walmart CEO Doug McMillon.
Founded in 2007, Flipkart—which sells clothes, electronics, books and furnishing—made net sales of 4.6 billion dollars in the past fiscal year.
Walmart said it supports Flipkart's ambition to transition into a publicly-listed, majority-owned subsidiary in the future.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
"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", said Walmart CEO Doug McMillon.
Founded in 2007, Flipkart—which sells clothes, electronics, books and furnishing—made net sales of 4.6 billion dollars in the past fiscal year.
Walmart said it supports Flipkart's ambition to transition into a publicly-listed, majority-owned subsidiary in the future.
Copyright (c) 2018 CercleFinance.com. All rights reserved.