Bangalore’s biggest e-commerce company Flipkart sold out to Walmart today Walmart and Flipkart’s top executives at the Townhall meeting in Bangalore, Walmart decided to buy 70% of Flipkart’s shares for about nine and a half trillion rupees. Softbank CEO Masayoshi Sun has confirmed this. In this meeting, top executives of the two companies including Walmart CEO Doug McMillan are also present. The deal between Flipkart and around the world’s biggest Ritchie Chain Walmart, worth around 13 trillion rupees, is one of India’s largest mergers and acquisitions agreements.
According to the reports, now Macmillan is coming to Delhi, where he will meet top government officials and give him information about Walmart’s future plans.
Even after this deal, one of his two founders in Flipkart will be operating under the leadership of Binny Bansal. However, the second founder, Sachin Bansal, has decided to sell out a full 5.5% stake in the company.
Tiger Global and Essel Partners, who are among Flipkart’s initial investors, will also retain their smallest parts with tents. Japan’s SoftBank of 20% shareholder of Flipkart will also leave Wal-Mart by selling its shares to the company.
Naspars Ltd., China’s Tensent Holdings Ltd., eBay Inc. and Microsoft Walmart’s proprietary rights will remain in Flipkart.
Sources said that Walmart’s plan has expanded business in India. For this, he will collaborate with 50 to 60 million grocery stores to help them modernize so that these stores become part of Wal-Mart’s entire supply chain.
Wal-Mart wants to connect Indian customers with partnerships with grocery stores. According to a source familiar with Walmart’s future plans, Walmart is investing heavily on the techniques of digital payments and other areas.
It is being said that Walmart CEO Doug Macmillan will also clarify his position on the fear of being born with ‘back door entry’ in India in meeting with top government officials.
Keep in mind that the Government of India has not allowed any foreign retailer to open the store in the country. Preparations for the Karnataka elections are reaching the final stage. In such a situation, the BJP government does not want to give any signals like this so that the message is that this deal is supported by it. If this happens then the business class will be upset that the BJP is considered as the strongest vote bank.