Walmart buys 77% stake in India’s Flipkart for $16 bn: statement

Bangalore (India) (AFP) – US retail behemoth Walmart will buy a 77 percent stake in Indian e-commerce giant Flipkart for $16 billion, Walmart said in a statement Wednesday.

The announcement ended months of speculation that Walmart, the world’s biggest retailer, was preparing to take over Flipkart in a deal that delivers a blow to rival Amazon’s ambitions in India.