The CEO of Softbank, Masayoshi Son, on Tuesday has finally announced the confirmation of the biggest e-commerce giant, Walmart to have agreed to purchase the stakes of Flipkart.
The Walmart is known to lift over a whopping 71.06 percent stake for USD 15 billion in the Bangaluru based e-commerce retail company. Masayoshi has quoted that USD 2.5 billion Flipkart stake is worth over USD 4 billion in the deal today.
However, the formal announcement is known to take place by the Chief executive officer of Walmart, Doug McMillon on Wednesday in India.
According to the Times of India report, Sachin Bansal, co-founder of Flipkart has revealed to shell out his entire 5.5 percent stake in his e-commerce firm and is also ready to step-down from the Flipkart Board while the behemoth retailer is planning to invest over USD 12-15 billion, thus notching it up to a whopping USD 20 billion.
The Walmart has also claimed to initiate its further chain of e-commercialization in India in the coming years!