US company Walmart and India’s Flipkart Group recently announced the closing of the agreements for the former to turn the largest shareholder in the latter. Both the companies will achieve more together than each could accomplish separately to contribute to the economic growth of India, said Judith McKenna, president and CEO of Walmart International.

"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 in a statement issued by Walmart.

Walmart now holds nearly 77 per cent 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.

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.

Both companies will retain their unique brands and operating structures in India, the statement added. (DS)

Fibre2Fashion News Desk – India

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