Flipkart-Walmart deal: Co-founder Sachin Bansal to offload his 5.5% stake in firm after US retail giant's investment
There have been reports about Sachin exiting Flipkart after the Walmart deal is sealed.
Flipkart's, the decade-old firm, first buyback of shares was on 7 December, 2017 when it spent a whopping $869.15 million to buy 72,83,175
Flipkart-Walmart deal nears closure as board approves sale of 75% stake to US retail giant for $15 bn
Flipkart and Amazon dominate the online shopping space in Asia's third-largest economy.
The group, which has a 50:50 joint venture with Walmart for wholesale cash and carry, is understood to be anxious after their partnership came to a standstill, with no new stores being opened.
It seems the government's four-page clarification to the multi-brand FDI policy of September 2012, following investors' long list of concerns may have done more bad than good.
The company has gone one step further in trying to prove its innocence by asking all landlords of its Indian stores to sign an anti-bribery agreement.
Bharti Walmart today denied allegations that it spent money in India to gain access to the market.
The government has not ordered a probe into Wal-Mart Stores over accusations the US retailer violated foreign ownership rules, officials said on Thursday in response to a media report.
At stake is a percent stake. Bharti Enterprises has said it is hopeful of setting up a 50:50 joint venture with Wal-Mart, while the US retailer has said it would look for a majority stake in a joint venture.
Bharti Walmart will not wait till all states in India allow FDI in multi-brand retail to roll out its plans and may start opening its outlets from states like Maharashtra and Andhra Pradesh, a top official of the retail giant said today.
A public interest litigation filed in the Delhi High Court on Wednesday alleged that US retail giant Bharti Walmart has illegally been carrying out multi-brand retail despite having permission to only carry out Wholesale Cash and Carry trade
Bharti Walmart's Raj Jain told CNBC-TV18 that demand in the food and FMCG segment is not waning. The company has plans to open 10-12 additional cash and carry stores in India in 2012.