United States multinational retailer Walmart on Saturday said it has completed the deal to acquire 77% stake in Flipkart for nearly $16 billion (Rs 1.07 lakh crore). With this, Walmart is now the largest shareholder in the Indian e-commerce firm.

The remaining 23% is held by other shareholders, including Flipkart co-founder Binny Bansal, Tencent, Tiger Global and Microsoft Corp. “Walmart and Flipkart will achieve more together than each of us could accomplish separately to contribute to the economic growth of India, creating a strong local business powered by Walmart,” said Judith McKenna, president and CEO of Walmart International.

Walmart had announced in May its plan to buy out the Bengaluru-based firm. Last week, the Competition Commission of India approved the acquisition, rejecting the Confederation of All India Traders petition that alleged the deal would create unfair competition and an uneven playing field. The deal values Flipkart at $20.8 billion (Rs 1.39 lakh crore).

According to the deal, Flipkart’s financials will be reported as part of Walmart’s international business segment. Flipkart’s existing management team will lead the business and both companies will retain their unique brands and operating structures in India.

Walmart also announced to invest $2 billion to help boost Flipkart’s growth. “Our investment will benefit India by providing quality, affordable goods for customers, while creating new skilled jobs and opportunities for suppliers,” said McKenna.

Binny Bansal said, “By combining Walmart’s omni-channel retail expertise, supply-chain knowledge and financial strength with Flipkart’s talent, technology and local insights, we are confident that together we can drive the next wave of retail in India.”

Flipkart was rated the third-most funded private company in the world in 2017 after it secured over $7 billion from major investors including Softbank, Tiger Global and DST Global. The firm, founded by Indian Institute of Technology-Delhi alumni Sachin Bansal and Binny Bansal in 2008, is considered to be one of the most successful firms in India.