Walmart to open 50 new stores in India


U.S. based billion-dollar retailer Walmart, which recently announced that it will buy out 77 per cent stake in Indian e commerce website Flipkart, has a good announcement for the job market.

Walmart who is buying a controlling stake on Flipkart will invest $2 billion in fresh equity. The reason for this potential flip-flop is being attributed to a hefty tax burden that a short-term exit from Flipkart will attract for Softbank.

CyberMedia Research, the market research arm of the CyberMedia publishing group, has predicted that the $16 bln acquisition of Flipkart by WalMart, the world's largest retailer, will bring far-reaching changes in India's retail sector, both online and offline.

"As Walmart scales in India, the company will continue to partner to create sustained economic growth across agriculture, food and retail".

The report further said, "SoftBank believes in the upside potential of Flipkart under Walmart leadership, which could eventually offer an exit to the remaining shareholders by taking the company public in the USA". At present, the market value of the company is $20 billion.

Other deciding factors would be Son's relationship with Walmart and that SoftBank likes to be a long-term investor, PTI's sources said, adding the Japanese conglomerate is very bullish on India and sees huge opportunities for growth of investment.

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"eBay has notified Flipkart and Walmart that it intends to sell its holdings in Flipkart, which will represent gross proceeds of approximately $1.1 billion".

"The situation is still very fluid", a source familiar with the development told ET.

In this case, apart from domestic income tax laws, articles from a number of income tax treaties signed by India with the US, Singapore, Mauritius, South Africa, and a comprehensive agreement with China will also be invoked.

Flipkart founder Sachin Bansal has made the shocking decision to leave the ecommerce company. On Thursday, The company truly believing and showing how important India as a market was for them, announced that they will be opening 50 new stores in the next four to five years.

Mumbai: The deal between Walmart and Flipkart could be a boon for the offline listed retail firms as it would push up their valuation, say analysts.

SoftBank may hold the Flipkart stake for 6-12 months with a view to avoid the short-term taxation problem, the report added. He has already met with representatives from Alibaba and Walmart as well as Jeff Bezos, founder and CEO of Amazon, in this regard, according to media reports.