Walmart to open 50 new stores in India in 4-5 years

After announcing $16 billion investment in Flipkart, Walmart on Thursday said it will open 50 new stores in India in next four-five years. "We expect to open five stores in the current year and then pick up pace and eventually start opening 12-15 stores a year," Walmart India President Krish Iyer said. Walmart will acquire a 77% stake in Flipkart.