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Flipkart deal to create 10 million jobs in India

Flipkart deal to create 10 million jobs in India, says Walmart CEO Doug McMillon
Walmart CEO Doug McMillon has said that the Flipkart-Walmart deal will create around 10 million jobs in India. This includes both direct and indirect jobs. The US-based retail behemoth Walmart on Wednesday announced that it will buy a 77 percent stake in Indian e-commerce major Flipkart for $16 billion.


Flipkart Group CEO Binny Bansal said that there is a lot that Walmart can take from Flipkart including its payments play. Bansal added that listing Flipkart is on management team's plan and investors like Tiger Global, Accel and Tencent are excited about the IPO. "IPO is a great way to unlock the value."
While the deal will allow both retailers to benefit from each other's expertise, it also promises to help the Indian economy in terms of job creation, increasing farmers' income and promoting national initiatives including 'Make in India', as per a joint statement by Walmart and Flipkart.
"As Walmart scales in India, the company will continue to partner to create sustained economic growth across agriculture, food, and retail. Future investments will support national initiatives and will bring sustainable benefits to the country," the Bentonville, Arkansas-based retail behemoth said in its statement.

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