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Walmart pays £11.8bn for controlling stake in Indian retail giant Flipkart

Online sales have exploded in India over the past couple years, with both Amazon and Walmart keen to play a part in the market.

US retail giant Walmart is paying 16 billion dollars (£11.8 billion) for a controlling stake in Indian retailer Flipkart, breaking into a fast-growing economy where it has struggled to establish a foothold.

Online sales have exploded in India over the past couple years, and Walmart and Amazon have been fighting hard to catch up with Flipkart.

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Walmart said it will pay about 16 billion dollars for a majority stake in India’s leading e-commerce company (AP)

Its delivery drivers, with their motorcycles and oversized backpacks, have become ubiquitous across the nation of 1.3 billion people. Online sales totalled 19.6 billion dollars (£14.7 billion) in India in 2017, according to reports, and are expected to grow far larger in 2018.

Walmart said it will own approximately 77% of Flipkart.

The founders of Flipkart, former Amazon employees Sachin Bansal and Binny Bansal, will own a piece of the remainder.

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