19
Tuesday
June 2018
2:48 AM IST
News Headlines
Fresh FIR filed against Nirav Modi for possessing multiple Indian passports        Nigeria: 31 people killed in twin suicide blasts        1 dead, 20 injured in New Jersey arts festival shooting        Mexico shock World Cup holders Germany        World Cup: Serbia edge out Costa Rica in Group E opener        Messi penalty saved as Iceland hold Argentina        Pakistan SC bars Musharraf from contesting election        FIFA World Cup 2018: Russia stun Saudi Arabia in opener, substitutes shine in 5-0 win        India vs Afghanistan, one-off Test: Afghanistan fight back as India reach 347-6 on Day 1        Four killed, 10 missing after landslide in Kerala        Railways drop coach factory project in Palakkad        Vajpayee better, hopeful of full recovery in next few days: AIIMS director        Congress wins Jayanagar assembly seat in Karnataka        N Korea no longer a nuclear threat: Trump        Former president Maldives and chief justice sentenced for obstruction of justice        Hafiz Saeed-backed MML can’t contest Pakistan elections        Afghanistan not nervous about Test clash with India, says skipper Asghar Stanikzai        Amelia Kerr slams 232* to break 21-year-old record in Women's ODIs        Alappuzha and Thiruvananthapuram offer models of decentralized waste management systems        Bhaiyyu Maharaj, Spiritual Guru To Top Politicians, Commits Suicide        
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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.


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PNB fraud: ED attaches Nirav Modi’s properties worth Rs 171 cr
Sohan Roy features in Top 100 Indian Business Owners by Forbes Middle East
NITI welcomes $16 bn Walmart-Flipkart deal
Bajaj Finserv offers repayment flexibility on home loan
Walmart to acquire 77% stake in Flipkart
Most Indian millennials ready to switch jobs for a pay rise: Report
Monetise Air India assets rather than selling stake: SJM to govt
With Fuel Prices Hitting the Roof, Govt Asks Oil Companies Not to Increase Rates: Report
PM Modi flags off Indian Railways' first high speed electric locomotive in Bihar
Axis Bank stock rises 4% after Shikha Sharma's tenure shortened
KERALA NEWS
Kerala among 13 states on thunderstorm alert
 (New Delhi, May 7, 2018): Thunderstorms accompanied by squall, hail and heavy rains are likel  
Kerala Karshaka Jadha Opens to a Great Beginning / Video
Malappuram press club attack: RSS workers nabbed
Workers injured in mudslide at construction site
INTERNATIONAL NEWS
Nigeria: 31 people killed in twin suicide blasts
 (Abuja, June 17, 2018):Reportedly, 31 people have been killed in twin suicide blasts in Niger
1 dead, 20 injured in New Jersey arts festival shooting
Pakistan SC bars Musharraf from contesting election
N Korea no longer a nuclear threat: Trump
NATIONAL NEWS
Vajpayee better, hopeful of full recovery in next few days: AIIMS director
 (NEW DELHI, June 13, 2018):Former prime minister Atal Bihari Vajpayee has shown significant i
Congress wins Jayanagar assembly seat in Karnataka
Alappuzha and Thiruvananthapuram offer models of decentralized waste management systems
Bhaiyyu Maharaj, Spiritual Guru To Top Politicians, Commits Suicide
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