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It also said that the deal included $2 billion of funding from new equity in Flipkart, which could be sold to additional investors in the future, diluting the US company's overall stake. This deal means that the war on pricing and discounting is set to continue.

Walmart on Thursday said it would comply with any tax demand arising from the purchase of a 77 per cent stake in Flikpart for $16 billion, unlike Vodafone and Cairn Energy which are contesting tax claims by Indian authorities.

Meanwhile, Amazon is also still fighting hard in India, with founder Jeff Bezos crowing last month that Amazon.in had the most-downloaded shopping app in India for 2017.

Hogan Lovells M&A partners Richard Climan and Christopher Moore in Silicon Valley are advising Walmart on the largest e-commerce deal in its history, along with Singapore managing partner Stephanie Keen. There will be an uneven level playing field to the disadvantage of retail traders. That was the second largest deal in the consumer internet space in India, behind Flipkart's acquisition of fashion e-tailer Myntra in 2014.

The deal is subject to regulatory approvals including Competition Commission of India, and is expected to close later this year. "Flipkart Singapore also operates Flipkart Malaysia, Flipkart Middle East, and other companies outside India". The association of India asked the government to take strong steps to ensure adherence to FDI policy.

"Many of us were concerned about the stocks we held after valuation of the company was downgraded a couple of times. As we speak, we have a pipeline of 20 stores and we expect to open 5 stores in the current year and then pick up pace and eventually start opening 12-15 stores a year", Walmart India President and CEO Krish Iyer said.

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"Walmart supports Flipkart's ambition to transition into a publicly listed, majority-owned subsidiary in the future", it says in the news release announcing the deal, and it says additional investors may join the round.

Tiger Global: More than any other fund, the elite and low-profile NY investment vehicle Tiger Global bet aggressively on Flipkart and it's paid off. Upon closing the deal, Flipkart's financials will be reported as part of Walmart's global business segment.

The top two wealth management firms in the country-IIFL Investment Managers and Kotak Wealth Management that they would be pitching for the accounts of Bansal and Flipkart's overnight millionaire employees.

"This shows that global companies have faith in the Indian market and they are looking for opportunities to invest", Aditya Manya, vice chairman and president of investment firm Kalpataru Multiplier Ltd., told Anadolu Agency.

Fashion and electronics are the two largest drivers for Flipkart.

New York-based investment firm Tiger Global is to reap profits of $3 billion on a total investment of about $1 billion. The firm's position in the company is now worth about $1.1 billion after investing around $160 million over several funds into the company.