14
Friday
December 2018
2:23 PM IST
News Headlines
Diving legend says HIV-contracted friend inspired him to Olympic gold        India beat Pakistan to reach final of Emerging Teams Asia Cup        Boosting exports key to make India $5-tn economy by 2025: Kant        Prabhu, US Commerce Secretary to discuss trade issues on Feb 14        Ceasefire for key Yemen port agreed at peace talks: UN        Britain's May sees no 'immediate breakthrough' at EU        Poll results prove Ram Temple or communal polarisation doesn't cut ice with people: Sinha        Ashok Gehlot appeals to Cong workers in Raj to maintain peace        Rahul tweets pic with Kamal Nath, Scindia as race for CM moves to Bhopal        Aussies will fight back, but India has upper hand: Ghavri        World Tour Finals: Tough road ahead for Sindhu; Sameer too eyes knockout berth        Govt should consider 100% FDI in multi-brand retail trade: CII report        Shaktikanta Das named new RBI Governor        Khashoggi, other journalists named Time 'Person of the Year'        May tours Europe in desperate bid to save Brexit deal        Three policemen killed in Shopian by terrorists; weapons snatched        13 of 19 Rajasthan ministers lose elections; CM Vasundhara Raje retains her seat        Clear message to Modi that People are unhappy and it is time for change: Rahul on poll results        Cong leads in R'than, Chhattisgarh and MP; TRS races ahead in Telangana, MNF in Mizoram        Shakhtar prepare for home match 700 kilometres from home        
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Business News
Walmart expects to close Flipkart deal by the end of 2018
 
(Hyderabad, June 12, 2018): Walmart, the US retail giant which signed an agreement in May this year to acquire 77 percent stake in Flipkart, expects to close the deal before the end of current calendar year.

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 negatively.

"In May 2018, the company announced it will pay approximately USD 16 billion in exchange for approximately 77 percent of the outstanding shares of Flipkart Group ("Flipkart"). The investment includes USD 2 billion of new equity funding... Closing is expected later this calendar year, and is subject to regulatory approval," the retail giant said.

"Upon closing and consolidating the financial statements of Flipkart, we expect the ongoing operations of Flipkart to negatively impact fiscal 2019 net income. We intend to fund the acquisition of Flipkart with a combination of newly issued debt and cash on hand," it added.

Speaking at an investors meet, Walmart Inc President, CEO and Director, Douglas McMillon, said they were learning about retail ecosystems and how they work around the world.

"We're learning a lot from China. We'll be learning even more from India. And we basically want to be in places that have a tremendous opportunity, which is what led us to Flipkart in India," he said in response to a query.

He said Flipkart, which has a strong management team, built out an ecosystem.

"In the case of India, it's worth it. If it had been a smaller market, we may have passed. But this is a unique opportunity.

"And when you look out 5, 10, 20 years from now, time will tell. But we're confident that we'll look back at it and say, Yes, that was a big bet. It was a bold bet. But we're glad we took it. We're not running this thing for one year," he said justifying the acquisition.

As Flipkart is expected to generate meaningful losses for at least the next few years, this is clearly an investment for the future..., Moody's Vice-President Charlie O'Shea had earlier said in a report commenting on the acquisition.


Boosting exports key to make India $5-tn economy by 2025: Kant
Prabhu, US Commerce Secretary to discuss trade issues on Feb 14
Govt should consider 100% FDI in multi-brand retail trade: CII report
Shaktikanta Das named new RBI Governor
Sensex cracks over 550 pts; Nifty drops below 10,600
India's coal output up 10% to 156 MT during Apr-Nov
Prabhu links creativity & business opportunities to cheap beverages in Goa
31st GST Council to meet on Dec 22 in Delhi
Cabinet Approves Policy to Double Farm Exports to $60 Billion by 2022
RBI keeps key rates unchanged
NTPC wins 85 MW solar capacity in UP Govt tender
Maintain status on currency management, HC tells SBI
Amway India enters herbal skincare space
New 2018 Maruti Suzuki Ertiga Launched In India, Prices Start At ? 7.44 lakh
Centre's New Move May Escalate Feud With RBI Ahead Of Board Meet: Report
Air India eyes Rs 800 cr from sale of over 70 properties
Intel India opens design house costing Rs 1,100 cr at B'luru
Sensex rebounds 332 pts on easing crude, rupee gains
Govt mulls second round of 2,500 MW medium-term PPA auction
India invites Swedish companies to explore investment opportunities
KERALA NEWS
Activist Rehana Fathima, Who Attempted Sabarimala Trek, Arrested Over Facebook Post
 (Kochi, Nov 28, 2018): Model and activist Rehana Fathima, who tried to reach Kerala's Sabarim  
Good news for Keralite Nurses: IELTS cut-off reduced to 6.5
BJP leader K Surendran, 71 others granted bail
Sabarimala protests: Arrests up to 2061, Kerala HC warns police
INTERNATIONAL NEWS
Ceasefire for key Yemen port agreed at peace talks: UN
 Rimbo (Sweden), Dec 13 (AFP) UN chief Antonio Guterres announced Thursday a series of breakthroughs
Britain's May sees no 'immediate breakthrough' at EU
Khashoggi, other journalists named Time 'Person of the Year'
May tours Europe in desperate bid to save Brexit deal
NATIONAL NEWS
Poll results prove Ram Temple or communal polarisation doesn't cut ice with people: Sinha
 New Delhi, Dec 13 (PTI) Former Union minister Yashwant Sinha on Thursday said there is a "great deal
Ashok Gehlot appeals to Cong workers in Raj to maintain peace
Three policemen killed in Shopian by terrorists; weapons snatched
13 of 19 Rajasthan ministers lose elections; CM Vasundhara Raje retains her seat
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