Walmart has announced it has signed definitive agreements to become the biggest shareholder in Indian e-commerce firm Flipkart, describing the move as a significant opportunity to partner with a local leader in a large, fast-growing market. Subject to regulatory approval in India, Walmart will pay approximately $16 billion for an initial stake of approximately 77% in Flipkart. The remainder of the business will be held by some of Flipkart’s existing shareholders, including Flipkart co-founder Binny Bansal, Tencent Holdings, Tiger Global Management and Microsoft Corp.