Naspers sells Flipkart stake to Walmart for $2.2bn
11 May, 2018, 04:46 | Author: Kristi Dunn
Tiger Global New York-based investment firm Tiger Global Management, Flipkart's biggest backer since 2010, has raked in $3.3 billion from its total investment of $1 billion in India's largest online retailer that Walmart has bought.
Flipkart sealed the world's largest e-commerce deal yesterday with Walmart, cementing India's place in the global e-tailing league.
"Flipkart's scale of business will grow immensely post the deal with Walmart as the USA retailer has deep pockets and better experience in handling global market", said Nrusingha Charan Barik, who is in charge of the delivery partner of Flipkart in Odisha.
Since then, Climan and Moore have worked closely on a number of large deals, including advising Marvell Technology Group Ltd. on its pending $6 billion buy of Cavium Inc. and Synopsys Inc. on its $565 million acquisition of Black Duck Software Inc.
However, a deal done on paper is still subject to regulatory approvals. The venture capital ecosystem has received a boost and the investors' successful exit is expected to power the VC business in India for a long time. Amazon holds about 27% of India's burgeoning e-commerce market, according to Euromonitor, where Walmart only operates 21 cash-and-carry wholesale stores in the country that sell to businesses.
Walmart expects the deal to help set it up "for growth and profits in the future", CEO Doug McMillon said during a call with investors.
Takeda and Shire agree £46bn takeover
After waging a lengthy campaign to win over the board of Dublin-based Shire, Takeda announced Tuesday that they had an agreement. Shire has offered Takeda a large presence in the USA and an expertise in the rare diseses.
Flipkart is leading in the fashion segment through the acquisition of Myntra, Jabong and eBay (Indian wing), the online fashion portals. In competition with Walmart, Amazon made an offer to buy 60% of Flipkart's share to get the majority of ownership as compared to Walmart. "Over the last 11 years, Flipkart has grown to be one of the most recognised brands, and the No 1 ecommerce platform in India".
Mumbai: The government today said there is a great deal of interest for disinvestment of Air India, amid the deadline for submission of preliminary bids ending this month. "Most of these small entrepreneurs are already battling for their existence; entry of Walmart will further create problems for them", the SJM's co-convenor said in his letter. "We have met before and I am sure will meet again".
With its investment in Flipkart, Walmart will be able to penetrate the Indian online retail market, in a country where it would've struggled to open its own e-commerce business, given that India doesn't permit foreign investment in online retailing, says Mihir Sharma.
Accel: Accel is keeping some of its shares in Flipkart, but the firm will notch one of its biggest exits after almost a decade of sitting tight.
In this case, apart from domestic income tax laws, articles from a number of income tax treaties signed by India with the US, Singapore, Mauritius, South Africa, and a comprehensive agreement with China will also be invoked.
Iran President Hassan Rouhani mirrored the sentiment, saying he was happy to do business with the other partnering countries. But Muilenburg said the production rate the company had put in place was not dependent on the Iranian orders.
According to Trump, anything positive that is said about him is real , but everything negative is fake. "The Fake News is working overtime", the president wrote in the first tweet he posted on Wednesday.
The smart displays will also be handy with Google Maps, video calls and pulling up footage from in-home security cameras. As with any other Google Assistant smart device, the Smart Display can understand the same voice commands and actions.
Atletico will face Marseille in the Europa League final next Wednesday before ending their campaign against Eibar that weekend. Gil Marin hinted he believes Barca tried to unsettle Griezmann to derail Atleti's LaLiga title bid.
Republicans in the conservative state are trying to continue their dominance in the Legislature and in congressional races. Greg Pence, brother of Vice President Mike Pence, is the front runner among five Republicans for an open seat in one U.S.
The launch of the first Block 5 is targeting a two-hour launch window opening at 4:12 p.m. from Kennedy Space Center. Reusability is key to SpaceX's long-term vision, which involves helping humanity become a multiplanet species.
We had to come here and we had to win. "We have the feeling we deserved a bit more - minimum one point", Carvalhal told BBC Sport. We knew it was going to be hard and it was going to be a battle and they tried to push the atmosphere into their way.
Golden State, helped by an early-morning text by Draymond Green to Kevin Durant, again look in control of the series. With Kyrie Irving gone, and a number of role players in his place, Love is by far the Cavs' second-best player.
Voters head to polls in OH and MI
Eden Feldstein, of Sylvania Township, drove to his designated polling location on his lunch break to ensure he cast his ballot. Indeed, if a candidate doesn't succeed in the primary election, then there is no general election for that candidate.
What Comcast Buying Fox Instead Of Disney Would Mean
Disney in March announced a reorganization that positions two top executives as potential successors to Mr. Inside Disney, a role for him was always seen as uncertain, according to people familiar with the matter.
Rockets try to make quick work of Jazz
Utah Jazz Center Rudy Gobert , the favorite to win Defensive Player of the Year, is known for being a defensive menace at the rim. The Houston Rockets are shooting 34.2 percent from beyond the arc and 79.2 percent from the free throw line.
Southwest Airlines Now Flies Nonstop to Orlando from SJC
An engine exploded during a Southwest flight last month that killed a passenger, the first on a US carrier since 2009. Officials are said to be investigating why a ground vehicle struck the Southwest aircraft on Monday morning.