Walmart buys 77% stake in Flipkart for $16 bn

Bengaluru, May 9 The world's largest retailer, Walmart Inc, on Wednesday announced it was buying 77 per cent equity stake in India's e-tail major Flipkart for $16 billion.

"Subject to regulatory approval in India, Walmart will pay $16 billion for an initial stake of 77 percent in Flipkart," the Kansas-based company said in a statement from the US.