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.