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Business Today reports that Walmart has completed its $16 billion investment in Indian e-commerce company Flipkart, giving it a 77 percent controlling stake in the firm.

According to the story, “. The Bentonville giant's investment includes USD 2 billion of new equity funding to help accelerate the growth of the Flipkart business.

“The mega deal, announced in May this year, is the largest so far in the Indian retail space. This is also Walmart's biggest acquisition and will help it compete more aggressively with its US-based rival Amazon.”
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