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Walmart Inc.’s deal to buy a controlling stake in India’s biggest online seller is meeting skepticism on Wall Street.
The world’s largest retailer will acquire a 77 percent holding in Flipkart Group for $16 billion, the companies said earlier Wednesday. Flipkart co-founder Binny Bansal and other shareholders will hold the remainder. The tie-up values the Indian e-commerce giant at about $20.8 billion and marks a blow against rival Amazon.com Inc. as the battle for e-commerce supremacy goes global.
The deal -- Walmart’s biggest ever -- gives it greater access to India’s e-commerce market, which Morgan Stanley has estimated will grow to $200
