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Business deals

Walmart buys 77% of Flipkart as war with Amazon heats up in India

Microsoft joins in as key strategic and technology partner

  © Reuters

MUMBAI -- U.S. retail giant Walmart on Wednesday said it will buy a 77% stake in India's largest e-commerce company Flipkart for $16 billion, in the biggest acquisition in local corporate history.

As part of the deal, Walmart will invest $2 billion in fresh capital into Flipkart and acquire the rest of the stake from existing investors. The deal values the whole company at $20.8 billion. Microsoft will join in as a key strategic and technology partner, Walmart said in a statment.

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