The acquisition of the majority stake makes the $500-billion Walmart the largest shareholder of the Bengluru-based Flipkart group and will help accelerate its ambition to transform e-commerce through digital technology. After graduating, Sachin moved to Bengaluru to work in an IT services firm. They are selling their shares in a Singapore-based company - Flipkart Pte Ltd, which owns an Indian company - to a non-resident (US) company, Walmart.
Retailers Association of India said some e-commerce companies in the country have been flouting FDI (Foreign Direct Investment) policy for marketplaces. Flipkart now has over 100 million registered users and more than 100,000 registered sellers.
Its supply chain arm, eKart, serves 800 cities, making 5,00,000 deliveries daily.
Bank of England keeps rates unchanged
At its meeting ending on 9 May 2018, the MPC voted by a majority of 7-2 to maintain Bank Rate at 0.5%. These projections are conditioned on a gently rising path for Bank Rate over the next three years.
Walmart has been looking to expand in India for years and is flush with cash from recent U.S. tax cuts.
That could fan fears of some trader and farmer groups, who contend the United States company is using the deal as a back-door entry into India's bricks and mortar retail market, and that it could squeeze out small corner shops that dominate Indian retail.
Binny Bansal, who had co-founded Flipkart with Sachin 11 years ago, will retain some of his 5.5 percent stake in India's biggest online retailer and will be Chairman of the company's Board.
Walmart CEO Doug McMillonaddressedFlipkart employees, emphasizing the fact that this deal happens to be among the best decisions since India was the best place to spring up at.
The deal hasn't gone down well with the tens of millions of small store owners who for years used political muscle to slow the arrival of worldwide retailers.
The Confederation of All India Traders (CAIT) have said the deal is nothing but a clear attempt to control and dominate the retail trade in India by Walmart through e-commerce in the long run. According to CB Insights, Accel Partners had invested in a $60 million secondary market transaction in 2010, when Atlassian was valued at $400 million. Amazon acquisition would also have faced regulatory challenges.
"This is certainly a great exit and it needs to be celebrated unquestionably", said Vaitheeswaran K, the founder of India's first ecommerce company Indiaplaza (now defunct) and author of the book Failing to Succeed. This would completely destroy India's retail trade that employs more than four crore people directly.
Fly-half Cipriani made the last of his 14 worldwide appearances in August 2015 and has been regularly overlooked for selection. Billy Vunipola (Saracens) is recalled after recovering from injury having last played for England in the 2017 Six Nations.
Tickets go on sale for a special over-18s hen and stag-do from 7.30pm, with a bar and DJ on hand at the event. As confirmed on Kensington Palace's official Twitter account, the royal couple will exchange vows on May 19.
According to local media, Modi will first visit Janakpur, a historic town in southern Nepal bordering the Indian state of Bihar. Prime Minister Modi will also visit Muktinath temple in Mustang District and will depart for India on Saturday evening.
In a recent earnings call , Acacia executives said the company had to write off $7.1 million in inventory that was slated for ZTE. The Chinese government is said to have raised the issue of ZTE last week with a visiting USA trade delegation.
What started as a potential relationship on a dating site ended in a stalking nightmare for one Paradise Valley man. The victim reported her twice a year ago when she was parked outside his home and repeatedly texting him.
China is imposing and threatening tariffs of US agricultural products, including a 25 percent soybean tariff. White House press secretary Sarah Huckabee Sanders announced the plan for continued talks on Monday.
The on-ice officials called it off saying that he hit it with a high stick, but after review it was determined to be a good goal. The Jets will look to close out the series in Game 6 at home on Monday. "We obviously believe in each other", Forsberg said .
Bioluminescence expert Michael Latz says the glow hasn't happened in California in almost five years. Shellfish supply has become so toxic at times that commercial fishing has been shut down, Latz said.
The US said sanctions against Iran next week
You said you are not able to answer these questions here in the briefing, that you would refer us to his outside counsel. He's reportedly suing the President for the 1 full year he's been staying at the White House.
Donald Trump Jr. Is Dating Fox News Host Kimberly Guilfoyle
The president's eldest son and Guilfoyle, the co-host of " The Five ", have reportedly been dating for the last several weeks. Donald Trump Jr . and Kimberly Guilfoyle are seeing each other, the "Page Six " gossip section of the New York Post claims.
Gas Prices Hit Another High in California
Still, for those fearing the days of $4 summer gas, it doesn't appear likely to hit those pricing stratospheres this summer. Memorial Day is historically a period when prices climb as refiners and gas stations prepare for the summer driving season.
ISIS' 'most wanted' leaders captured in sting operation
Five senior Islamic State (ISIS) leaders have been captured in a sting operation orchestrated by American and Iraqi intelligence. The Iraqi air force has carried out several air strikes since a year ago against Daesh positions in Syrian territory.
Embiid Takes Positives Following 76ers' Playoff Defeat
The Boston Celtics missed out on their chance to sweep the Philadelphia 76ers in the second round of the NBA Playoffs on Monday. Tip off is in Boston on Wednesday (Thursday 10am AEST). "I felt like I had (a) lot more to go".
Turning mostly sunny, high near 70
A few thunderstorms have the potential to become severe with damaging wind gusts and large hail the main concerns. Saturday Night , a chance of showers and thunderstorms before midnight, then a slight chance of showers.
Kane- Shikhar Rock SRH wins by 9 wickets
Two days prior to that, Pant had hammered 79 off 45 balls to give Chennai Super Kings a real scare in a chase of 212. However, Pant, undeterred by those mistakes, slammed his fourth fifty of the year and seventh overall in the IPL.