By
afaqs! news bureau
, afaqs!, New Delhi | In Digital | May 10, 2018
US retail giant Walmart has formally announced that it is buying 77 per cent of Flipkart's stake for USD 16 billion.
In a recent development, Flipkart co-founder Sachin Bansal has exited the business by selling his entire stake of over 5 per cent for around Rs 7,000 crore to Walmart. US retail giant Walmart has formally announced that it is buying 77 per cent of Flipkart's stake for USD 16 billion (Rs 1.02 lakh crore).
Bansal has written a very emotional post on Facebook, hours after the formal announcement was made saying that he will be "watching and cheering from the outside".