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Walmart Inc. officially announced plans to buy a 77 percent stake in India's Flipkart for $16 billion.
“India is one of the most attractive retail markets in the world, given its size and growth rate, and our investment is an opportunity to partner with the company that is leading transformation of e-commerce in the market,” said Doug McMillon, Walmart’s CEO, in a statement.
Morgan Stanley estimates the Indian e-commerce market may be worth as much as $200 billion in a decade.
Read more from Reuters.
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