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Walmart Flipkart deal will create jobs, double farmers' income, says Krish Iyer

Walmart-Flipkart deal will create jobs, double farmers' income, says Krish Iyer

Walmart-Flipkart deal will create jobs, double farmers' income, says Krish Iyer
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By CNBC-TV18 May 11, 2018 10:54:09 AM IST (Published)

After Walmart and Flipkart announced the $16 billion (Rs 1.05 lakh crore) deal, Walmart India CEO Krish Iyer posted tweets explaining the areas in which the deal would have a significant impact.

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According to Iyer, Walmart’s investment in Flipkart will lead to significant job growth and also help in the mission of doubling farmers’ income. Iyer, through his tweet, also said that the deal would help reduce food wastage and provide encouragement to start-ups. Apart from these, it would also help small businesses -like kiranas and SMEs prosper.
 
Walmart Inc had on Wednesday announced the acquisition of 77% stake in Flipkart in the largest e-commerce deal which will give the US retailer access to the Indian online market that is estimated to grow to $200 billion within a decade.
As part of the deal the remaining 33% shareholding will be divided between co-founder Binny Bansal and investors Tencent Holdings, Tiger Global and Microsoft Corporation.
Speaking to investors after the announcement, Walmart's President and CEO Douglas Mcmillon said India is one of the company's growth markets and while ecommerce is still small in the country, there is much upside going forward.
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