Flipkart a bargain buy for Walmart, says group CEO Binny Bansal

Binny Bansal poses at Flipkart's headquarters in Bengaluru, July 7, 2017. REUTERS/Abhishek N. Chinnappa/Files

Months after Walmart forked out $16 billion to buy 77 per cent of Flipkart, the Indian e-commerce firm’s group chief executive Binny Bansal said the world’s largest retailer had made a bargain buy. In an interview with San Francisco-based news website Recode on Tuesday, Bansal refuted a claim made earlier that Walmart overpaid for Flipkart and insisted that the US-based retail giant had, in fact, made a long-term bet on India that would pay off over the next five to ten years.

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