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    Walmart likely to gain four seats on Flipkart's board

    Walmart likely to gain four seats on Flipkart's board

    Walmart likely to gain four seats on Flipkart's board
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    By CNBC-TV18  IST (Updated)

    Walmart, which is on its way to strike a deal with Flipkart to buy about 60% stake in India's largest retailer, is expected to gain three to four seats on its ten-member board, reported Economic Times.
    However, Flipkart will function independently if the proposed deal between the firms materializes, the report said.
    "Flipkart will keep its “startup culture” to battle Amazon," said sources quoted by ET.
    Walmart will retain the management team of Flipkart including CEO Kalyan Krishnamurthy, said a report by Live Mint a few days ago.
    The buzz of the $12 billion deal between Walmart and Flipkart got louder last week with Softbank approaching Walmart's global CEO.
    Softbank with its 20% stake in Flipkart was holding out for a better offer.
    With Softbank willing to sell a portion of its holding in Flipkart, Walmart is already working with consultants to chart out a detailed integration plan post its acquisition of Flipkart.
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