Soon after the deal was announced yesterday, RSS-affiliate Swadeshi Jagran Manch alleged that Walmart was "circumventing" rules for a "back-door entry" into India and sought Prime Minister's intervention to safeguard "national interest".
"Last night, (they) reached a final agreement and it was decided that Flipkart will be sold to America's Walmart", said Son, whose firm happens to be the largest investor in Flipkart, owning about 20% in the homegrown company.
Still, there is an argument to be made for Walmart's Flipkart investment. It is also touted that Jack Ma's Alibaba Group also intends to become the third player in India, making the diversity in choices apparent.
As per IBEF report, 'Electronics is now the largest segment in e-commerce in India with a share of 47 per cent and is expected to grow at a CAGR of 43 per cent by 2020.
When Walmart paid $3.3bn in 2016 to buy Jet.com, the U.S. retail giant turned to an outside legal team led by Fenwick & West and Gibson Dunn & Crutcher. "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. There will be an uneven level playing field to the disadvantage of retail traders.
CAIT Secretary General Mr. Praveen Khandelwal said that key issues of the matter is whoever controls the platform control data and digital intelligence.
"The owner can dictate anything".
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The Flipkart Group includes group companies Flipkart, Myntra, Jabong, and PhonePe.
RAI has also asked the government to ensure complete adherence to the FDI policy of India. Then, the e-commerce company launched logistics arm Ekart. In 2015, Amazon surpassed Walmart as the most valuable retailer in the United States by market capitalization. The deal between Walmart and Flipkart would be applicable for withholding tax and capital gains tax.
He said Flipkart would be run as a board managed company with Walmart acting as a resource centre.
Shares of Walmart Inc. dropped more than 3 percent Wednesday as investors anxious about the investment hurting profits.
"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. The acquisition was first announced by investor Softbank's CEO and founder Masayoshi Son followed by an official statement from Walmart.
The top two wealth management firms in the country-IIFL Investment Managers and Kotak Wealth Management that they would be pitching for the accounts of Bansal and Flipkart's overnight millionaire employees. The company has grown rapidly and earned customer trust, leveraging a powerful technology foundation, including artificial intelligence, and emerging as a leader in electronics, large appliances, mobile and fashion and apparel.