NEW DELHI, May 9 (Xinhua) -- India's largest e-commerce company Flipkart Wednesday announced its decision to sell 77 percent stake to the United States retail giant Walmart for 16 billion U.S. dollars.

"Subject to regulatory approval in India, Walmart will pay approximately 16 billion U.S. dollars for an initial stake of approximately 77 percent in Flipkart," the two companies said in a joint statement.

Commenting on the deal, Walmart CEO Doug McMillon said, "India is one of the most attractive retail markets in the world, given its size and growth rate, and our investment is an opportunity to partner with the company that is leading transformation of e-commerce in the market."

Binny Bansal, Flipkart's CEO, added, "This investment is of immense importance for India and will help fuel our ambition to deepen our connection with buyers and sellers and to create the next wave of retail in India."

Headquartered in southern city of Bengaluru, Flipkart was founded in October 2007 by Sachin Bansal and Binny Bansal.