Walmart to close Flipkart deal by the end of this calendar year

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Walmart, which signed an agreement to acquire 77 % stake in Flipkart , said that it will conclude the $16bn deal by the end of this calendar year.Commenting on firm’s decision to invest in Flipkart, Walmart CEO Douglas McMillan said that the company wants to be in places that have a tremendous opportunity. Flipkart hasa strong management team, he added.