Flipkart board approves selling 75 pc stake to Walmart for $15 billion

Amazon halts its construction in Seattle

In a move seen as a precursor to USA retail giant Walmart acquiring a majority stake in Flipkart, the Indian e-commerce player has bought back shares worth $350 million from investors in its Singapore-based parent to regain private limited status in the country.

The buyback also paves way for the Singapore-registered Flipkart to become a private entity and sell its stake to bidders like Walmart at higher value. The US retail giant will buy both existing as well as new Flipkart shares and it is possible that numerous early investors in the company such as Tiger Global, Accel and Naspers maybe selling their entire stakes. Sources close to the newspaper said Walmart was supposed to sign the term sheet for the deal nearly three weeks ago, but did not because SoftBank wanted Flipkart to wait until Amazon had put in its bid.

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After months of negotiations, the USA global retail giant Walmart Inc has been able to strike a deal with Flipkart, India's most valuable startup. Sachin and Binny Bansal found Flipkart in 2007 from an apartment in Bengaluru.

The newspaper report that Walmart wants Group CEO Binny Bansal and Krishnamurthy to have more crucial rules in the company. But this week, according to a report by CNBC affiliate CNBC-TV18, the deal appears to not be quite final; Amazon has tendered a competing offer-complete with a $2 billion "breakup fee" to cover the cost of a potentially scuttled deal. Walmart has been trying to pick up its e-commerce sales, which has been on a decline and a threat for the company that is trying to rival online giant Amazon.

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When contacted, a Flipkart spokesperson said, "There have been speculations for the last six months of Flipkart being in and out of negotiations with several parties".

Flipkart last raised around United States dollars 2.5 billion in August. Krishnamurthy, who took over as CEO from Binny in January last year, is seen to have turned around the e-commerce major after two sluggish years when it ceded market share to Amazon under the leadership of Sachin. It is expected that the offer is a ploy to block Walmart from bringing its expertise in logistics and supply chain management to Flipkart.

Terrifying moment man is attacked by lion in front of screaming onlookers
A graphic video posted on the News24 website on Tuesday shows Hodge running for a gate when the lion runs toward him. In the 90-second clip , a man can be seen being dragged away from the gate of a fenced-off enclosure by a male lion .

The deal, which will see the USA retail giant buy around 73 per cent of the Indian e-commerce company, was finally sealed on Thursday following months of negotiations.

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