Flipkart had shared share purchase agreement with tax authorities in May, and I-T department is currently calculating the tax rate that would be applicable for investors in Flipkart who are selling the shares to Walmart. Significant shareholders like SoftBank, Naspers, venture fund Accel Partners and eBay, have agreed to sell their shares.
In the UP Investment Summit held earlier this year, Walmart India had signed a memorandum of understanding (MoU) with the state government to open 15 wholesale Cash and Carry stores.
Under the partnership, Walmart and Microsoft engineers will collaborate on the assessment, development and support phase of moving hundreds of existing applications to Cloud native architectures.
According to a regulatory filing with Securities and Exchange Commission (SEC), Walmart said the ongoing operations of Flipkart are expected to impact the US company's income negativel
"It's pretty clear that this deal is good for customers and would create jobs and help society", said Walmart chief executive Doug McMillon.
The deal, under which co-founder Sachin Bansal and Japan's Softbank Corp Group are exiting, values Flipkart at USD 20.8 billion. It is the biggest M&A deal in India this year.
In his letter, Flipkart co-founder Sachin Bansal said it was time for him to hand over the baton and focus on finishing a few personal projects.
The reports say the deal values Flipkart, the 11-year old Indian e-commerce company, at $20.8 billion.
Flipkart, in a regulatory filing, informed ACRA that it concluded a second buyback of shares from a set of its investors for $350.46 million in a transaction that closed on April 27.
Earlier, in a 15 billion US dollar deal signed on Thursday, Walmart decided to buy 73 per cent of the Indian e-commerce giant.
Launched in 2007, Flipkart has, so far, raised more than $6 billion. The firm controls nearly 40 per cent of India's online retail market, ahead of Amazon.
The new e-commerce firm is likely to give a tough fight to online shopping giant Amazon.
Global retail giant Walmart is planning to open 50 new stores in India, half of which will be located in Uttar Pradesh and Uttarakhand.
World's biggest retailer Walmart Stores is looking to buy a small equity in Indian e-commerce giant Flipkart.
Amarillo: Police say a suspect has been shot and is apparently dead after officers responded to a reported shooting inside a Wal-Mart store in Amarillo, Texas. The Amarillo Police Department released a brief statement saying
Marking a significant development in the e-commerce market, Chinese giant Alibaba has on Monday said it has crossed a major milestone, hitting the 3 trillion RMB ($463 billion) in trade volume transacted over its China retail marketplaces in under a
New Delhi : With the growing demand for Patanjali products from its wholesale buyers, India unit of world's largest retailer, Wal-Mart, is talking to Yoga guru Baba Ramdev to sell his firm's products across its
New York: Wal-Mart is doing some rare pruning. The world's largest retailer is closing 269 stores, including 154 in the U.S. that includes all of its locations under its smallest-format concept store called Wal-Mart Express.
Top News
Latest News
