Walmart completes acquisition of majority stake in Flipkart for $16 bn

Flipkart's current management, led by Kalyan Krishnamurthy, will continue to lead the e-commerce firm

Walmart, the world's largest retailer, has completed the acquisition of majority stake in India's leading e-commerce marketplace, Flipkart. In a joint statement issued on Saturday, Walmart and Flipkart announced the completion of the $16-billion deal that would see the US giant taking ownership of 77 per cent stake in the Indian firm.  

The deal, which is the largest of its kind globally, was announced in May and received the nod from India's competition watchdog earlier this month. Its closure sets the stage for India to become the latest battlefield in the fight for dominance between Walmart and its biggest