NITI welcomes $16 bn Walmart-Flipkart deal

Anna Jefferson
May 11, 2018

After the World's biggest e-commerce deal of Flipkart-Walmart, eBay plans to relaunch its India business after notifying Walmart about its intention of selling its stake in Flipkart to Walmart for around US$1.1 billion.

Accel said that Flipkart's success was mostly due to the company building its own delivery network and pioneering cash-on-delivery models.

The US bricks and mortar retail giant bested its US counterpart Amazon after the ecommerce firm reportedly made a competing offer to acquire Flipkart that ultimately failed. "He urged Flipkart team to continue with the momentum, Sachin said, ".But I'll be watching and cheering from the outside?

Closing is expected later this calendar year, subject to regulatory approval.

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"It's capital intensive business that needs deep pockets which Walmart has", she tweeted. The remainder of the online shopping company will be owned by its existing investors, including Flipkart co-founder Binny Bansal, Chinese conglomerate Tencent Holdings Ltd., hedge fund Tiger Global Management and technology industry titan Microsoft Corp.

Walmart on Thursday said it would comply with any tax demand arising from the purchase of a 77 per cent stake in Flikpart for $16 billion, unlike Vodafone and Cairn Energy which are contesting tax claims by Indian authorities. "Plans are on track", Walmart India President and CEO Krish Iyer said at a select media roundtable. So far it had been handicapped by India's retail policy that does not allow overseas companies to sell directly to consumers (except in wholesale cash-and-carry segment).

Hundreds of Flipkart employees will find themselves to be newly minted millionaires, thanks to the $500 million the company has reserved for ESOP (Employee stock options) payouts.

Singapore's Allen & Gledhill, Dentons Rodyk & Davidson (an affiliate of Dentons in Singapore) and India's Khaitan & Co and Cyril Amarchand Mangaldas are also advising Flipkart on its deal with Walmart. "We deal with the government at all kinds of levels all the time. For us the bigger focus is to build around the e-commerce ecosystem that we have built rather than taking Flipkart to newer market", he said, adding that startups and e-commerce are to two big engines of growth for the Indian economy.

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Amazon is the cloud leader, but number-two cloud provider Microsoft, which invested $1.4 billion in Flipkart alongside eBay and Tencent previous year, is now Flipkart's exclusive cloud provider. There are also apprehensions that the entry of the American retail behemoth will only benefit venture capitalists, investors and promoters but not retail traders.

The deal, he said, will also have positive impact on FDI investments into the country.

"We all know that they have interests in the multi-brand retail of food and a combination of both will kill the interests of farmers", he said.

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