Walmart Inc’s Flipkart will buy a 7.8% stake in Aditya Birla Fashion and Retail Ltd for 15 billion rupees ($204 million),the fashion retail company. “
With the COVID-19 pandemic keeping most people indoors, Indians are turning to online platforms for all purchases from bread to phones to clothes.
Media reports here had said both Amazon and Flip kart were in the race to pick a stake in Aditya Birla Fashion and Retail,
which owns and operates the Pantaloons retail chain and owns rights to sell Forever 21 merchandise in India.
Aditya Birla said it would use the money to strengthen its balance sheet as it scales up its businesses.