Walmart likely to announce Flipkart deal by the end of the week
09 May, 2018, 01:29 | Author: Sally Reid
If the deal proceeds Walmart will now have a headstart in a lucrative market with a population of approximately 1.3 billion people. This is because Amazon is already the second-largest online retailer in India after Flipkart and is thus a primary competitor.
US-based retail giant Walmart will be looking at investing about $2-3 billion in fresh equity into Flipkart after the completion of the acquisition.
Both the sources revealed that Flipkart Group Chief Executive Binny Bansal held a closed-door meeting with firm's top leadership at its Bengaluru headquarters on Monday. Meanwhile among all the exits, Google is expected to invest Dollars 3 billion in the company. The partnership will dominate the online space using Google Express's Home device to order online in the future.
Flipkart was valued at about $12 billion past year, according to researcher CB Insights. The stake could have generated $4 billion in the Walmart new deal. Binny Bansal will remain in his current role after the deal, while Sachin Bansal will completely exit the company and mostly sell his 5.2 percent stake in it. South Africa-based Naspers Ltd and Microsoft Corp will also keep small holdings in the new company. However, Willmart will retain co-founder Binny Bansal and CEO, Kalyan Krishnamurthy. "Proposed transaction may open up tax litigations for Flipkart India/its shareholders, be it the issue of taxability of capital gains arising to shareholders from such transaction or the issue of carry forward of existing tax losses of Flipkart India", Nangia said.
Flipkart at first sold books, later expanding to sell music, movies, games, electronics and mobiles, the category that has driven growth. The Flipkart group now includes fashion portals Myntra-Jabong, payments unit PhonePe and logistics firm Ekart. Walmart is the potential beneficiary of Flipkart shares' deal. Unfortunately, the government inspite of well knowing the intent and hidden agenda of companies like Walmart, is keeping its eyes and ears shut. This is because the largest brick and mortar retailer in the world has faced struggles against Amazon as online spending increases among consumers.
In January this year, Amazon Seller Services had received a fund infusion of Rs 1,950 crore from the parent company.
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