Walmart completes deal to acquire 77 pct stake in Flipkart

Agencies
August 18, 2018

New Delhi, Aug 18: US-based retail giant Walmart Inc today said it has completed deal with Flipkartand now holds 77 per cent stake in the Indian e-commerce major.

Besides, the Bentonville giant’s investment includes USD 2 billion of new equity funding to help accelerate the growth of the Flipkart business.

“With the completion of the investment, Walmart now holds approximately 77 per cent of Flipkart. The remainder of the business is held by other shareholders, including Flipkart co-founder Binny Bansal, Tencent, Tiger Global and MicrosoftCorp,” a statement said today.

Moving forward, Flipkart’s financials will be reported as part of Walmart’s International business segment, it added.

“Walmart’s investment includes USD 2 billion of new equity funding to help accelerate the growth of the Flipkart business. Both companies will retain their unique brands and operating structures in India,” the statement noted.

It added that Flipkart’s existing management team will continue to lead the business.

“Our investment will benefit India by providing quality, affordable goods for customers, while creating new skilled jobs and opportunities for suppliers… we are delighted to learn from, contribute to and work with Flipkart to grow in India, one of the fastest-growing and most attractive retail markets in world,” Judith McKenna, president and CEO of Walmart International, said.

Binny Bansal, Flipkart co-founder and group chief executive officer, said by combining Walmart’s omni-channel retail expertise, supply-chain knowledge and financial strength with Flipkart’s talent, technology and local insights, we are confident that together we can drive the next wave of retail in India”.

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Agencies
January 19,2020

New Delhi, Jan 19: Messaging service WhatsApp which on Sunday faced issues in transmitting multimedia content including pictures and images, prompting social media users to share hilarious memes and messages, resumed regular services after over two hours.

#WhatsAppDown was the trending hashtag on Twitter for most part of Sunday afternoon in India along with several other countries such as Brazil, Europe and also parts of Middle-East including UAE, reported downdetector.in, a realtime problem and outage monitoring website.

Users of the popular messaging app were unable to send media files, stickers and GIFs.

Most users immediately went to Twitter to find out about the problem and check if others were facing the same issue.

Numerous tweets and memes took over the internet as soon as the news broke about the WhatsApp tech issue. After around two hours of technical glitch, the app resumed full service.

Even after full recovery of media transfer, people globally still continued checking the status of the messaging app.

WhatsApp has been one of the prime messaging apps since May 2009 and has recently collaborated with Facebook.

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News Network
March 13,2020

Bengaluru, Mar 13: In the wake of fresh cases of Covid-19 reported in Karnataka, Infosys Foundation chairperson Sudha Murty has urged the Karnataka government to take steps to shut malls and theatres, saying the coronavirus multiplies in air-conditioned areas.

In a letter to the government, she said preventive measures should be taken to control the spread of coronovirus before it gets worse.

Murty, who also leads the State government-constituted Karnataka Tourism Task Force, said she has discussed the current situation with Chairman and Executive Director of Narayana Health, Devi Prasad Shetty.

She suggested closure of all schools and colleges with immediate effect, malls, theatres and “all air-conditioned areas where the virus multiplies”, and allow only essential services like pharmacy, grocery and petrol bunks.

“It is not scientifically proven that the virus dies in high temperature,” she said pointing to spread of the virus -- despite heat -- in peak summer in Australia and Singapore, which have “summer all 12 months”.

“I request you to vacate one government hospital with at least 500 - 700 beds for this purpose (to deal with coronavirus cases), which requires oxygen lines and pipes,” she said.

“Infosys Foundation, the philanthropic and CSR arm of software major Infosys, would do the civil work and Devi Shetty has agreed to share resources like medical equipment,” she added.

“We would like to work with the government proactively so that we can prevent this as early as possible,” Sudha Murty said.

The total number of confirmed coronavirus positive cases in Karnataka is five, including the 76-year old man from Kalaburagi who died on Tuesday night.

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Agencies
March 10,2020

New Delhi, Mar 10: Crisis-hit Yes Bank on Tuesday said that it has enabled inward IMPS and NEFT services.

The move allows people to send money from other bank accounts to their Yes Bank account through IMPS (Immediate Payment Service) and NEFT (National Electronic Funds Transfer) mode.

In a tweet, the bank also said that Yes Bank customers can pay their credit card dues and loan obligations from other bank accounts.

"Inward IMPS/NEFT services have now been enabled. You can make payments towards YES BANK Credit Card dues and loan obligations from other bank accounts. Thank you for your co-operation. @RBIA @FinMinIndia," said tweet.

Last week Yes Bank was placed under moratorium and a withdrawal cap of Rs 50,000 was imposed till April 3.

The administrator of Yes Bank, Prashant Kumar and Rajnish Kumar, the Chairman of the State Bank of India are hopeful that moratorium would be lifted within a week.

As per the Reserve Bank of India (RBI) draft reconstruction scheme for the crisis-hit private lender, the SBI will take up 49 per cent in the bank by investing Rs 2,450 crore.

The new board of directors will stand constituted from the appointed date. It will comprise a CEO and MD, non-executive chairman and non-executive directors. The SBI will have nominee directors appointed on the board of the reconstructed bank.

The RBI may appoint additional directors to the board, who shall continue in office for one year, or until an alternate board is constituted by Yes Bank.

The SBI will not reduce its holding below 26 per cent before completion of three years from the date of infusion of the capital.

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