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US-based retail giant Walmart Inc. and Flipkart have announced the closing of the agreements for Walmart to become the largest shareholder in the Flipkart Group.
"Walmart and Flipkart will achieve more together than each of us could accomplish separately to contribute to the economic growth of India, creating a strong local business powered by Walmart," said Judith McKenna, president, and CEO of Walmart International, in a statement.
"Our investment will benefit India by providing quality, affordable goods for customers while creating new skilled jobs and opportunities for suppliers. As a company, we are transforming globally to make life even easier for customers, and we are delighted to learn from, contribute to and work with Flipkart to grow in India, one of the fastest-growing and most attractive retail markets in the world," he said.
With the completion of the investment, Walmart now holds approximately 77 percent of Flipkart. The remainder of the business is held by other shareholders, including Flipkart co-founder Binny Bansal, Tencent, Tiger Global and Microsoft Corp.
Moving forward, Flipkart's financials will be reported as part of Walmart's International business segment, the statement said.
"We are poised and ready to deliver the full value of this partnership for India," said Binny Bansal, Flipkart's co-founder, and group chief executive officer. "By combining Walmart's omnichannel retail expertise, supply-chain knowledge and financial strength with Flipkart's talent, technology, and local insights, we are confident that together we can drive the next wave of retail in India."
Moreover, Flipkart's existing management team will continue to lead the business. Tencent Holdings Limited and Tiger Global Management LLC will remain represented on the Flipkart board, in addition to independent board members, and will be joined by new members from Walmart.
The board will work to maintain Flipkart's core values and entrepreneurial spirit while ensuring it has strategic and competitive advantages.