Flipkart-Walmart deal to create 10 million jobs in India

Share
Flipkart-Walmart deal to create 10 million jobs in India

New Delhi: Officials of the telecom department and Civil Aviation Ministry will meet next week to chart out the framework and guidelines for operationalising "in-flight" data and voice connectivity, a top DoT official said today.

Flipkart has set aside $500 million to repurchase employee stock options as a result of Walmart buying $77% stake in Flipkart through a $16 billion investment. "Future investments will support national initiatives and will bring sustainable benefits to the country", Walmart stated. Little did people know back in 2007 that Flipkart would become a company valued at billions - something that Binny credits exclusively to Sachin. The final makeup of the board might also include independent members.

The deal will be finalised later this year as it is still subject to some regulatory approvals. ET had reported May 9 on the letter sent to Walmart regarding the transaction. J.P. Morgan Securities LLC is acting as the lead financial advisor for Walmart, along with Barclays, with Hogan Lovells, Shardul Amarchand Mangaldas & Co. and Gibson, Dunn & Crutcher LLP as outside counsel to Walmart.

Giving an exciting yet determined anecdote, Binny narrated: "It was this nearly imperceptible act that found Flipkart its first customer". Gunderson Dettmer LLP, Khaitan & Co., Allen & Gledhill LLP and Dentons Rodyk & Davidson LLP provided legal counsel to Flipkart.

Walmart is down 15.29% on the year.

In other words, Flipkart's vendors had access to eBay's global customers, while Flipkart's customers gained access to eBay's global inventory of products. eBay also signed a four-year exclusive commercial arrangement with Flipkart. "The deal is as per the country's FDI norm", Kumar said, adding that Walmart is global leader and will help small businesses in India to procure goods at cheaper rate.

If non-resident investors offload their shares in Flipkart's Singapore parent company to Walmart, such transfers could be regarded as indirect sale of shares of Flipkart India. In 2015, Amazon surpassed Walmart as the most valuable retailer in the United States by market capitalization. Founded in 2007 by two college friends and former Amazon employees, Flipkart began life as an online bookseller. According to Indian business channel CNBC -Tv18, Amazon offered to buy 60% of Flipkart, following the growing influence of WalMart. "We now have 21 stores and plan to open 50 stores in five years". But Walmart President and CEO Doug McMillon defended the company's move. Sachin Bansal said he will be "cheering from the outside" and urged Flipkart team to continue with the momentum."But I'll be watching and cheering from the outside - Flipsters, you better continue to do a good job!" he said. It will fetch about 1.5 times its investment of $2.5 billion in Flipkart just nine months ago.

The deal is also sure to trigger envy and hunger in many other startups to follow in the lines of Flipkart.

Share

Advertisement

Related Posts

Joel Embiid On Scuffle With Terry Rozier: "Too Bad He's So Short"
He didn't have the same problem in Game 3 on Saturday, when he had 18 points, seven rebounds three assists and no turnovers . Up 3-1 in the series, the Celtics should feel good heading into Game 5 , but that by no means guarantees a victory.

Trump's Central Intelligence Agency nominee faces tough interrogation from USA lawmakers
Rand Paul of Kentucky, are expected to vote for Haspel, but she would need at least one Democratic vote to be confirmed. Trump stressed Hapel's gender in a Monday tweet touting the nomination following reports her nomination was in trouble.

Fake voter I-card row: Modi asks voters not to forgive Cong
Hemant H.M., a taxi driver from Shaktinagar in Mangaluru, said he was a Congress supporter until 2014. In all of this, he has visited several religious sites across the state as well.

Eric Schneiderman Resigns Hours After Four Women Accuse Him of Violence
The statute of limitations in NY for prosecuting someone is five years for a serious assault, two years for a lower-level one. Assembly Speaker Carl Heastie took a cautious approach, saying no decision has been made yet on exactly how to proceed.

Malaysia's Mahathir says expects to be sworn in as PM on Thursday
Supporters of Malaysia's new government have taken to the streets of Kuala Lumpur to celebrate their unexpected election victory. The opposition also swept state elections, including Johor state where the ruling National Front was founded.

Walmart buys 77 percent stake in Flipkart
But Walmart has deep pockets to aid Flipkart and retailing experience since decades from marketing to logistics. As per reports, Walmart and Google parent Alphabet Inc, are looking to buy up to three-quarters of Flipkart .

Real Madrid captain Ramos blasts Messi, Suarez after Clasico draw
A silly error and one that very almost cost Barcelona their unbeaten record. "Luckily for us, we're champions already". Barcelona's Luis Suarez , left, clashes with Real Madrid's Sergio Ramos and Casemiro.

Israel destroys Iranian infrastructure in Syria in largest operation since 1974
The attack on the Golan Heights - an Israeli occupied region of Syria - is the first time Iran has hit Israel from Syria . The scope of the Iranian attacks against Israel were so great that a full-fledged war between the enemies is inevitable.

No-Canada! Mariners' Paxton pitches no-hitter in Toronto
Toronto Blue Jays' Russell Martin slides safely into home during the eighth inning of a game in Toronto , on May 9, 2018. With 20,513 in attendance, Ladner, B.C.'s James Paxton became the second Canadian to throw a no-hitter Tuesday night.

Players Championship Odds 2018: Vegas Projections for Top Players in Field
However, my body feels as good or better than it did back then, and I'm able to swing the club as well or better than I did. We have got the other three major championships, we've got everything else to play for, so there's a lot of golf to play.

© 2015 Chester Weekly. All Rights reserved.