Walmart buys controlling stake in India's Flipkart for $16 billion

Agencies
May 9, 2018

May 9: Walmart Inc has agreed to pay $16 billion (12 billion pounds) for a roughly 77 percent stake in Indian online shopping site Flipkart, the U.S. retailer’s biggest foreign investment ever as it battles rival Amazon.com Inc in one of the world’s biggest emerging markets.

The remainder of the business will be held by some of Flipkart’s existing shareholders, including Flipkart co-founder Binny Bansal, China’s Tencent Holdings Ltd <0700.HK>, Tiger Global Management LLC and Microsoft Corp <MSFT.O>, the company said in a statement on Wednesday.

The investment was more than the $10-12 billion given by sources close to the deal in the past week.

Walmart said it expected the deal to knock about 25-30 cents off its earnings in fiscal 2019, assuming the deal closes at the end of the second quarter.

It also said that the deal included $2 billion of funding from new equity in Flipkart, which could be sold to additional investors in the future, diluting the U.S. company’s overall stake.

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News Network
February 21,2020

Nagpur, Feb 21: Former Maharashtra chief minister and senior BJP leader Devendra Fadnavis on Friday condemned AIMIM leader Waris Pathan's reported remarks that 15 crore Muslims are more than a match for the country's 100 crore Hindus, and asked the latter not to mistake the majority community's tolerance for weakness.

Pathan has been widely condemned for reportedly stating that "15 crore hain lekin 100 crore pe bhari hain".

He purportedly made these comments while addressing an anti-Citizenship (Amendment) Act rally in Kalaburagi in north Karnataka on February 16. The AIMIM leader has claimed he was quoted out of context.

Speaking to reporters in Nagpur, Fadnavis demanded an apology from Pathan and asked the Uddhav Thackeray government to take action.

"We condemn the statement made by Waris Pathan and demand an apology. In case he does not apologise, the state government must take action against him," he said.

Fadnavis said Pathan should understand that minorities were safe and enjoyed full freedom in India because 100 crore Hindus live in the country.

He said no one would dare utter such a statement in a Muslim-majority nation, adding that the "Hindu community is tolerant but its tolerance should not be mistaken for weakness".

"Pathan should apologise to the nation and the Hindu community," he said.

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News Network
June 20,2020

New Delhi, Jun 20: With the highest single-day increase of 14,516 COVID-19 cases reported in the last 24 hours, India's coronavirus count stood at 3,95,048 on Saturday.

The death toll has gone up to 12,948 in the country with 375 persons succumbing to the infection.

According to the Union Ministry of Health and Family Welfare, the total number of cases includes 1,68,269 active cases, 2,13,831 cured/discharged/migrated and 12,948 deaths.

Maharashtra with 1,24,331 cases continues to be the worst-affected state in the country with 55,665 active cases while 62,773 patients have been cured and discharged in the state so far. The death toll due to COVID-19 stands at 5,893 in the state.

The number of confirmed cases in Tamil Nadu also crossed the 50 thousand mark on Saturday and reached 54,449.

The national capital is the third-worst affected by the infection in the country with the count reaching 53,116 today.

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News Network
July 11,2020

Kochi, Jul 11: Johnny Paul Pierce's five-month stay in Kerala has been a soul-soothing experience for 74-year-old US citizen. He now wants to spend the rest of his life here.

"Kerala is a beautiful place to live in. This is my fifth trip here. I usually stay here for six months. It is such a magical place to be and I want to share that with people from the US," Pierce told ANI.

He came to India on February 26 on a tourist visa and is staying at Kandanadu in Kochi.

According to Pierce's Advocate, his tourist visa is valid up to January 26, 2025. But on this visa, he can only stay consecutively for 180 days.

The guidelines of the Indian government permit continuous stay for only 180 days for foreigners on tourist visas. His 180 days were set to expire on August 24, which the Foreigner Regional Registration Office (FRRO) extended to August 30.

The US citizen has approached the Kerala High Court seeking to convert his tourist visa into a business visa. The petition will be considered next week.

Pierce has sought a directive to the government to permit him to apply for the conversion of his tourist visa into a business visa and also to extend his stay, without having to leave the country.

"I am making a petition for an extra 180 days to stay. And I would also like to get a business visa in order to begin a tour company to bring people from the US to Kerala after the coronavirus. I wish my family could also come here. I am very impressed with what's is happening here. People in the US don't care about COVID-19," he said.

He talked about the risk of going back to his home country saying, "There are only 27 deaths in Kerala and in the US there over 1.3 lakh deaths. I do not want to go back to the US. I am 74 years old and I am at risk. This is a very safe place for me. I hope India embraces and allows me to stay."

"There's chaos in the US due to COVID-19 and government is not taking care like India. I want to stay here," he added.

Pierce further talked about his future plans, saying that if he is allowed to stay, he would like to lease a small resort and make a retirement community, which will be a COVID free zone.

Lastly, he made an appeal to the Indian government to let him stay in India saying that "all the immigration rules were made before COVID-19."

"There should be special consideration for people like me," he added.

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