Friday, March 29

Tag: acquistion

Soon after the Flipkart Acquisition, Walmart Paid Rs 7,439 Crore Tax
News

Soon after the Flipkart Acquisition, Walmart Paid Rs 7,439 Crore Tax

One of the largest retail player Walmart has reportedly paid Rs 7,439 crore tax on the payments the company made to acquire the shares of 10 major shareholders of Flipkart. Various shareholders of Flipkart including the major ones like SoftBank, Naspers, venture fund Accel Partners and eBay, had sold their holdings to Walmart. On the last date for depositing taxes with the Indian authorities that is on 7th September, Walmart paid Rs 7,439 crore withholding tax on payments made to 10 shareholders of Flipkart. "Of the 44 shareholders in Flipkart who have sold shares, Walmart has deposited taxes for only 10 funds and entities. We have asked Walmart to explain the rationale followed while deducting or not deducting taxes from the shareholders. They have been asked to give a case to case ex...
Myntra Acquires Bengaluru Based Logistics Startup InLogg
ACQUISITION

Myntra Acquires Bengaluru Based Logistics Startup InLogg

Fashion e-tailer Myntra today said it has acquired Bengaluru-based InLogg for an undisclosed amount, a move that will further strengthen the supply chain capabilities of the Flipkart-owned company. Founded in 2015, InLogg offers a technology platform that provides end-to-end logistics solutions for the e-commerce sector. "As part of the acquisition, the team at InLogg has been inducted into Myntra, making it an acquihire that will further strengthen and expand Myntras supply chain capabilities," Myntra said in a statement. "With an 80 per cent year-on-year growth, we are on a strong trajectory... The Inlogg acquihire with the platform and capabilities will help us scale while delivering great customer experience in Tier II, III and IV cities," Myntra Chief Strategy and Planning Of...
CCI Clears Acquisition of Ibibo Group By MakeMyTrip
ACQUISITION

CCI Clears Acquisition of Ibibo Group By MakeMyTrip

Fair trade regulator CCI has approved online travel portal MakeMyTrip's proposed acquisition of rival Ibibo group in an equity deal that would create one of the country's largest online travel firm. As per the deal announced in October last year, South Africa's Naspers and China's Tencent Holdings would sell Ibibo Group to MakeMyTrip in exchange for an issuance of new shares by the latter. The Competition Commission of India (CCI) has approved the deal, as per the latest update on the regulator's website. Post completion of the transaction, MakeMyTrip would own 100 per cent of Ibibo Group, and Naspers and Tencent will become largest shareholder in MakeMyTrip, owning a 40 per cent stake and will contribute proportionate working capital, MakeMyTrip had announced in October last year. ...