CAIT might approach CCI over Walmart-Flipkart deal
11 May, 2018, 01:37 | Author: Kristen Ingram
"The Flipkart-Walmart deal will surely inspire young and budding entrepreneurs in our state as these two companies are truly global brands", said Debasish Patnaik, a prominent businessman in Odisha.
Sachin Bansal's decision to exit Flipkart after its takeover by Warlmart was a "very emotional moment", said the company's co-founder Binny at a select media briefing today. Walmart has revealed it will pay $16bn for a 77 percent stake in the Indian e-retailer. That's a fraction of Walmart's latest annual revenue of $485.8 billion.
The IT department has also asked Flipkart about details of the Dollars 16 billion (Rs 1.05 lakh crore) deal. With this deal being hammered down, the total worth of Flipkart's employee stock ownership plans (ESOPs) has jacked up.
Tiger Global: More than any other fund, the elite and low-profile NY investment vehicle Tiger Global bet aggressively on Flipkart and it's paid off.
Amazon was also said to have put in an aggressive offer to buy 60 per cent of Flipkart but the board of the Indian firm is said to have favoured the Walmart offer.
But some traders in India are opposed to the deal, fearing its effect on competition.
To finance the investment, Walmart intends to use a combination of newly issued debt and cash on hand. Gunderson Dettmer LLP, Khaitan & Co., Allen & Gledhill LLP and Dentons Rodyk & Davidson LLP provided legal counsel to Flipkart. If the transaction were to close at the end of the second quarter of this fiscal year, Walmart expects a negative impact to its FY19 EPS (earnings per share) of approximately $0.25 to $0.30, which includes incremental interest expense related to the investment.
"Flipkart's scale of business will grow immensely post the deal with Walmart as the USA retailer has deep pockets and better experience in handling global market", said Nrusingha Charan Barik, who is in charge of the delivery partner of Flipkart in Odisha. This had helped sellers on Flipkart's platform in their global sales. We are also excited to be doing this with Tencent, Tiger Global and Microsoft, which will be key strategic and technology partners. "We were a group of 8 friends from IIT Delhi and we used to hang out together all the time and we were best of friends", said Binny recalling the Flipkart journey.
"I'll be watching and cheering from the outside - Flipsters, you better continue to do a good job!" he said.
Sachin Bansal said he will be "cheering from the outside" and urged Flipkart team to continue with the momentum.
The bigger story, consequently, is what will happen to the grass underneath the Indian retail sector, both offline and online, when the two big elephants, Walmart and Amazon, battle it out for control of the growing Indian market.
Analysts believe more than 500 million Indians will be online by the end of 2018 - Flipkart said that its delivery business, eKart, serves more than 800 Indian cities and makes some 500,000 deliveries every day.
Sources say that Sachin does not agree with Walmart's proposed strategy and operating structure after the deal is over.
On taxation, Walmart CEO said the company is working with all of the investors to ensure they are more compliant.
Its first investment in Flipkart came at a time when the Bengaluru-based startup was struggling to raise money.
ZTE announced that it's filed a formal request for a stay of the export ban imposed by the U.S. government against the company. After the USA issued its ban, Taiwan instructed local firms they need to apply for permission before shipping goods to ZTE.
The voting was held under a new proportional system, which divides the country into 15 separate electoral constituencies. He said he would continue to work closely with President Michel Aoun , who is allied with the rival, Hezbollah-led bloc.
Flipkart , too, would provide local knowledge and customer insights to strengthen Walmart's play in the Indian market. Flipkart was founded in 2007 by former Amazon employees Sachin Bansal and Binny Bansal, who are not related.
Pence added: "I would very respectfully encourage the special counsel and his team to bring their work to completion". A leading Trump critic's busy Thursday morning of tweeting included a direct shot at Vice President Mike Pence .
Kevin Love , who struggled in a seven-game scrap with in in the first round, had another solid game with 23 points. Kyle Lowry had 27 for the Raptors with DeMar DeRozan sitting out the fourth after contributing just eight points.
The British player's forehand was causing his opponent all sorts of problems, and he broke twice more to take the first set 6-3. Edmund was changing direction off the backhand wing easily and that allowed him to race off to a rapid start in the second set.
The text of the statement delivered by the representative of the Syrian command, published by the state news Agency SANA . Russian Federation said 28 Israeli F-15 and F-16 planes took part in the raids with a total of around 70 missiles fired.
Last year, the company expanded its footprint in the U.S. oncology market with the $4.7bn purchase of Ariad Pharmaceuticals. Although based in Ireland, Shire has most of its operations in Lexington and Cambridge and more than 3,000 workers in MA .
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