Softbank May Invest Whopping $3 Bn in Paytm Mall, Thanks To Flipkart

Softbank May Invest Whopping $3 Bn in Paytm Mall, Thanks To Flipkart

On Friday, Walmart had said in a regulatory filing in the U.S. that Flipkart's board or its minority shareholders could force the company to go for an initial share sale four years after the deal closes. "Walmart should not have any issue with that".

Singapore-registered Flipkart Pvt Ltd holds majority stake in Flipkart India.

On Wednesday, all significant shareholders in Flipkart like Naspers, venture fund Accel Partners and eBay had confirmed they were selling their shares to Walmart. Barely days after Walmart announced its plan to buy Flipkart, online marketplace eBay said it will end its strategic partnership with the latter and relaunch eBay India with a differentiated offer to focus on cross-border trade.

Since then Softbank held talks to invest $3 billion in the firm, the report added.

The department now is going through the Section 9 (1) of the Income Tax law, which deals with indirect transfer provisions, to see if the benefits under the bilateral tax treaties with countries like Singapore and Mauritius, could be available for foreign investors selling stakes to Walmart.

Falcons agree to terms with defensive tackle Terrell McClain
The Falcons agreed to terms with defensive tackle Terrell McClain on Friday, further solidifying their defensive line rotation. If you're sensing a theme here, it is that injury concerns are holding back the true potential of the Cowboys defensive line.

SoftBank will get around $4 billion if it sells its entire 21 per cent stake in Flipkart.

When Walmart announced last week that it would buy a 77% stake in Flipkart, there was no question that it included Soft-Bank's 22.3%. SoftBank had alone pumped in over $5 billion in four companies including Paytm, Oyo, Flipkart, and Ola.

On May 12, Tamil Nadu Vanigar Sangankalin Peramaippu, a federation of traders in Tamil Nadu, warned the government of massive country-wide protests if the deal between Walmart-Flipkart was approved.

The Japanese company had invested about $900 million in Snapdeal in a hope that the home grown e-tailer would be able to challenge Flipkart's market leadership, but saw the company slip to a distant third behind Amazon India by 2016.

"So if SoftBank says something that Walmart doesn't agree with, there still have to be discussions". "Walmart may appoint or replace the chief executive officer and other principal executives of the Flipkart group of companies, subject to certain consultation rights of the board and the founder", the SEC filing said. The report added that Walmart told the SEC in regulatory filings that the U.S. retail giant has an option to invest "an additional $3 Bn in Flipkart at the same valuation within a year of completing the acquisition of a 77% stake". Post this round, SoftBank is slated to have a controlling stake.

Related News:

  • Fuel prices revised; petrol, diesel to cost more

    Fuel prices revised; petrol, diesel to cost more

    On the other hand, diesel was retailing at Rs 68.68 in Kolkata; Rs 70,43 in Mumbai; Rs 69.79 in Chennai and Rs 67.27 in Bengaluru. Last June, Indian oil companies had moved from a "once-in-a-fortnight" change of petrol and diesel prices to daily revisions.
    OnePlus 6 Price and Specification Leak by Amazon: Priced at £459 / 519Euros

    OnePlus 6 Price and Specification Leak by Amazon: Priced at £459 / 519Euros

    There's the third variant that OnePlus CEO and co-founder Pete Lau had confirmed for the OnePlus 6 with 8GB RAM and 256GB storage. Apart from renders, Amazon Germany has also given away crucial information including the price of the smartphone.
    Israeli Soccer Team Adding 'Trump' To Name To Celebrate Embassy Move

    Israeli Soccer Team Adding 'Trump' To Name To Celebrate Embassy Move

    It's to pay tribute to Trump for his decision to move the American Embassy to Jerusalem. He later posted a video to Twitter slamming former Presidents Bill Clinton, George W.
  • 23 killed after heavy rain, dust storms lash parts of India

    23 killed after heavy rain, dust storms lash parts of India

    Delhiites woke up to a sunny morning with the mercury touching 40 degrees during the day but the sky turned cloudy around 4:30 pm. A person in Howrah district suffered serious injuries and was undergoing treatment at a local hospital, the official said.
    Duke of Edinburgh appears ready for royal wedding after hip surgery

    Duke of Edinburgh appears ready for royal wedding after hip surgery

    The Royal Windsor Horse Show is the largest outdoor British horse show taking place over the course of several days. The 96-year-old appeared cheerful, chatty and in good health following a major hip operation just five weeks ago.
    Eyes trained on Gulf as storms develop near Florida

    Eyes trained on Gulf as storms develop near Florida

    The WMBF First Alert Weather Team will be constantly fine tuning this forecast, especially on the WMBF First Alert Weather App. Clouds overnight will keep lows mild, in the low 70s, while highs remain below average in the mid- to low 80s.
  • Hamburg relegated, Dortmund in Champions League

    Hamburg relegated, Dortmund in Champions League

    The side haven't won consecutive league games since February, and the Hoffenheim defeat was their second in a row. Dortmund squeezed into the Champions League by finishing fourth on goal difference ahead of Bayer Leverkusen .
    Israel prepares for inauguration of new USA  embassy in Jerusalem

    Israel prepares for inauguration of new USA embassy in Jerusalem

    On Monday, the U.S. will officially open its embassy in Jerusalem in a move that is expected to spark protests across the region. Marchers have thrown stones and burned tires at the fence and flown flaming kites over it to try to set Israeli fields on fire.
    Levante vs Barcelona: Messi dropped for LaLiga clash

    Levante vs Barcelona: Messi dropped for LaLiga clash

    Enis Bardhi put Barcelona two goals behind again with a finish not too dissimilar to that which had given Barca a lifeline. Luis Suarez stepped up and converted the spot-kick to bring his side to within one goal of rescuing their unbeaten run.
  • Andre 3000 Just Surprise Dropped Two New Solo Tracks

    Andre 3000 Just Surprise Dropped Two New Solo Tracks

    The first track was written before his parents passed away, although it was recorded in 2015, after their passing. While "Me&My" features vocals from André, the other is an instrumental jazz collaboration with James Blake .
    Tesla with Autopilot slams into truck stopped at red light

    Tesla with Autopilot slams into truck stopped at red light

    The Autopilot system of Tesla makes use of cameras and computers to regulate the speed, change lanes and automatically stop cars. According to the police, the female driver has suffered a a minor injury of broken ankle but auto has undergone heavy damage.
    Andrew McCutchen Returns To PNC Park This Weekend

    Andrew McCutchen Returns To PNC Park This Weekend

    Suárez was lifted after the fourth and became the fifth straight Giants starter who failed to pitch into the sixth inning. Taillon owns a subpar 4.50 ERA in his three home starts , and the over is 10-4 in the Giants' last 14 games.


Most liked

Xerox terminated agreement to merge with Fujifilm, CEO resigns
The pair said they would be willing to consider any offers for the company of $40 a share or more. Fujifilm has said it's appealing a United States court injunction blocking the takeover.

IPL 2018: MI vs RR Preview
Mumbai Indians , on a roll lately, are back on their home turf to face Rajasthan Royals on Sunday evening. He had two fruitful partnerships with Ajinkya Rahane (37 off 36) and Sanju Samson (26 off 14).

Webb Simpson extends lead as Tiger Woods, Jordan Spieth shoot 65
Woods and Spieth are tied for ninth along with Tommy Fleetwood, Ian Poulter, Harold Varner III, Matt Kuchar and Patrick Cantlay. Tiger said after getting -8 through 12, he had an eye on getting to -10 for the day, which would have been a course record.

India responsible for slow pace of 26/11 trial: Pak ex-minister
Sharif, who has been disqualified to hold public office for life by the Supreme Court in the Panama Papers case, said Pakistan has isolated itself.

Benitez calls for united front at Newcastle
Chelsea, Tottenham and West Ham have all been linked, but Benitez is hoping to fend off interest. "It was pretty much a flawless Sunday".

Abadi leading in election, Sadr strong
The constitution sets a quota for female representation, stating that no less than one-fourth of parliament members must be women.

Liverpool nab CL spot, Swansea relegated from EPL
The old record was held by Liverpool , who collected 98 points in the 1978-79 season (adjusted to three points for a win). The only trouble for them now is repeating the same thing for next season.

Legendary Premier League striker urged to join Steven Gerrard at Rangers
But for Tav to score and make it 3-1, and then to go 3-2, we got a bit of belief back. 'Glasgow is a tough city - if I was Wayne, I'd go to America'.

Nigerian woman kicked off United flight for stinking files racism suit
According to the reports, the trio were on their second leg of a three-flight journey to Ontario, Canada , from Lagos. A United crew member identified in the suit as Russell H. nearly immediately ordered Obioma off the plane.

Narendra Modi trying to 'influence' Karnataka voters with Nepal temple visits: Congress
Situated at 3710 metres above the sea level in Mustang district, Muktinath temple is regarded sacred by Hindus and Buddhists. PM Narendra Modi on Saturday prayed at Nepal's iconic Muktinath temple regarded sacred by both Hindus and Buddhists.

The moment cameras didn't catch that cost Daniel Ricciardo at Spanish GP
I don't think we're necessarily struggling in the front or the rear but overall downforce is always good. "Friday paints one picture but you are never really sure about what is going to happen", said Ricciardo.

IPL: Chennai outclass Hyderabad by eight wickets
Pandey and Yusuf have looked destructive in shades, and are potential threats against an under-performing CSK bowling attack. It was a target that always seemed less, even more, when none of the SRH bowlers could get the better of the opposition.

Boston Dynamics shows off running robot
Boston Dynamics' SpotMini was introduced late past year and took the design of the company's "bigger brother" quadruped Spot. Earlier this year, Boston Dynamics released a video showing the SpotMini opening a door for another robot.

Inside the room: White House flare-up over McCain leak
John Kennedy, R-La., said he still takes McCain's point of view into account in this kind of debate. She told senators that she doesn't believe torture works as an interrogation technique.

Chili's reveals possible data breach
We are working with third-party forensic experts to conduct an investigation to determine the details of what happened . We deeply value our relationships with our Guests and sincerely apologize to those who may have been affected.