Current Affairs - Business - Discussion

Walmart and Flipkart announced the completion of the $16-billion deal. Walmart now holds 77 per cent stake in the Indian firm. Walmart will appoint five members to the eight-member board of Flipkartout of which 2 will be independent directors, Initially, Steuart Walton, Judith McKenna and Dirk Van den Berghe, regional CEO of Walmart Canada and Asia, will join the Flipkart board. $16 billion investment includes a $2 billion of new equity funding to help accelerate the growth of the Flipkart business.