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Walmart-Flipkart deal: Here's how India will benefit

ANI  |  New Delhi [India] 

Putting months of speculation to an end, American earlier in the day confirmed that it would be acquiring a significant stake in Indian major, Group.

While reports of the deal have been surfacing time and again in the recent past, the American multinational announced that it would acquire 77 per cent stake in against an initial payment of USD 16 billion (over 1 lakh crore).

With the deal in place, aims to serve customers, support job creation, small businesses, farmers, and women entrepreneurs, while backing Flipkart's ambition to transition into a publicly-listed, in the future.

As per the company, India's industry is projected to grow four times faster than total through 2023, with a millennial population of 443 million and a growing middle class.

With this in mind, aims to channelise investments towards leveraging the advantages offered, including a sum of USD 2 billion new equity to accelerate Flipkart's growth.

As Walmart scales in India, the company will continue to to create sustained economic growth across agriculture, food, and On the forefront, the company is looking at extensive job creation through development of supply chains, commercial opportunity, and direct employment.

Furthermore, the retail plans to support small businesses and 'Make in India,' through direct procurement as well as increased opportunities for exports through global sourcing and

Among other initiatives, Walmart will with store owners and members to help modernise their and adopt They will also support farmers and develop supply chains through local sourcing and improved market access.

On a related note, Walmart currently operates 21 Best Price cash-and-carry stores and one fulfilment centre in 19 cities across nine states in India, with more than 95 percent of sourcing coming from within the country itself.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, May 09 2018. 20:30 IST