Sameer Aggarwal, who was elevated as Deputy CEO earlier in January this year, has now been promoted to Chief Executive Officer of Best Price, Walmart India, effective from April 1, Walmart said in a statement.
The National Company Law Appellate Tribunal (NCLAT) on Thursday dismissed a petition filed by traders' body CAIT against CCI nod to Walmart's USD 16-billion acquisition of Flipkart.
Walmart Inc has fired over 100 of its India executives as part of its restructuring in the country, a report in the Economic Times said. It is common knowledge that Walmart has been facing trouble expanding its wholesale business in India.
US retail major Walmart would open 25 institute hubs in India in next five years, which would train 50,000 entrepreneurs from the micro, small & medium enterprises (MSME) sector, said a top company official.
McMillon in a letter has assured the prime minister of Walmart's commitment to increasing global sourcing from India, empower small and medium enterprises and more job creation.
Walmart International President and CEO Judith McKenna on Friday reiterated the company's commitment to support India's smallholder farmers as she discussed steps suppliers can take to enter supply chains of global companies.
Walmart International President and CEO Judith McKenna has met Commerce and Industry Minister Piyush Goyal to discuss local sourcing norms for the domestic market.
The statement comes amid reports that Flipkart, which is locked in an intense battle with US giant Amazon for leadership in the Indian market, is looking at tapping into the US equity market by 2022.
"Walmart increased its equity holding in Flipkart by buying 5,39,912 shares of its erstwhile co-founder Binny Bansal for $76 million through its Luxembourg-based entity.
Reliance Retail's upcoming entry into the online retail sector is the biggest challenge for Amazon and Walmart-Flipkart as the Mukesh Ambani-led behemoth is well positioned to create massive disruption in the market, a new report has stressed.
The decision has come in the wake of Jabong and Myntra, Flipkart's sister companies, shedding some of their employees.
On August 18 Walmart had informed that it has completed deal with Flipkart and holds 77 per cent stake in the Indian e-commerce major.
"FY20 operating income is expected to decline by a low single digit percentage range, but is expected to increase by a low single digit percentage range when excluding Flipkart in both FY19 and FY20," Walmart said in a regulatory filing.
Wal-Mart International Holdings Inc, however, in a separate reply has said its business model and activities in India were different of Flipkart's.
Walmart India is a wholly-owned subsidiary of US retail giant Walmart Stores.
While 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 Microsoft Corp.
Flipkart had shared share purchase agreement with tax authorities in May, and I-T department is currently calculating the tax rate that would be applicable for investors in Flipkart who are selling the shares to Walmart. Significant shareholders like SoftBank, Naspers, venture fund Accel Partners and eBay, have agreed to sell their shares.
In the UP Investment Summit held earlier this year, Walmart India had signed a memorandum of understanding (MoU) with the state government to open 15 wholesale Cash and Carry stores.
Under the partnership, Walmart and Microsoft engineers will collaborate on the assessment, development and support phase of moving hundreds of existing applications to Cloud native architectures.
According to a regulatory filing with Securities and Exchange Commission (SEC), Walmart said the ongoing operations of Flipkart are expected to impact the US company's income negativel