American retailer Wal-Mart today announced the acquisition of Flipkart's 77 percent stake in nearly $16 billion (one lakh five thousand 360 crores). This is Wal-Mart's largest acquisition so far. In the deal, the total value of Flipkart, the 11-year old has been valued at $ 20.8 billion. 

Wal-Mart said in a statement that it will buy a 77 percent stake in Flipkart. Flipkart co-founder Sachin Bansal will leave the company after this deal. He founded it in 2007 along with Binny Bansal. Sachin and Binny first worked in Amazon.com Inc. They started the company by selling books. 

One of the sources mentioned above said, "Walmart can appoint three directors and chief financial officers on the 10-member board of the Indian company." 

Sachin was the CEO of Flipkart for nine years. Then in January 2016, he became the chairman of the company and Binny took over as the CEO. Since then, Sachin has been away from the company's daily operations. 

Wal-Mart is investing $2 billion investment in India's largest e-commerce company for 60 percent of its current stake in the company for about $ 14 billion. Flipkart has a SoftBank 20.8 percent, eBay 6.1 percent and Sachin Bansal  5.55 percent. 

Also Read:

Huawei Honor 10 to launch on May 15

The user is getting 1.1 TB free data every month in Jio Fiber: report

Smartphone with 128 GB internal storage just for Rs 6299