Top trio at Flipkart to resign post Walmart deal?

Must Read

President Ram Nath Kovind appoints new governor for Kerala, Telangana, Himachal Pradesh and Maharashtra

President Ram Nath Kovind appointed new governors for Maharashtra, Kerala, Telangana, Rajasthan, and Himachal Pradesh on Sunday. https://twitter.com/ANI/status/1168037199767457792 Former Union Minister Kalraj...

NRC list for Assam released; Fear looms as 19 lakh people face exclusion

NRC (National Register of Citizens) for Assam has been published at 10 am today. The final list excludes over...

Lateral Entry Era Begins as Union govt. appoints 9 professionals to Joint Secretary posts

The government has appointed its first batch of private professionals to the post of Joint Secretary in various ministries....

After Kalyan Krishnamurthy (CEO) and Binny Bansal (Group CEO), Flipkart’s Executive Chairman Sachin Bansal is next on the line who may also exit the company in case of a successful completion of the deal with Walmart.

The development is sudden as Sachin until last week had no such plans of selling any of his holdings and was still interested in hanging around in the firm even after the Walmart deal.

Walmart is on course to announce a $8-10 billion deal to pick up a majority stake in Flipkart over the next few days. TOI first reported Walmart’s interest in getting a route to majority at Flipkart in its February 8 edition.

Amidst this, according to a report by Factordaily, Walmart has decided to pay a whopping $14.6 billion in cash and stock to acquire 73 per cent stake in the biggest e-commerce company in India.

At present, Bansals reportedly claim to own 5.5 per cent each in Flipkart. While Binny Bansal is likely to sell about a tenth of his shares in the company, it is not decided how much Sachin Bansal will sell.

Walmart is seen to be keen on bringing Binny and Krishnamurthy (an ex-Tiger Global executive) on the company board, besides having at least three of their own nominees. Krishnamurthy, who took over as CEO from Binny in January last year, is seen to have turned around the e-commerce major after two sluggish years when it ceded market share to Amazon under the leadership of Sachin.

“Flipkart’s largest investor SoftBank and Bansal were aligned in pursuing a merger deal with Amazon, which didn’t get the backing of the majority shareholders,” said a person in the know.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Radhika Apte makes a Classy appearance at IIFA Rocks 2019

Radhika Apte is an Indian film actress, who is popularly known for her intellectual roles and passionate acting in...

Donald Trump says US-Japan reach initial trade agreement regarding ‘tariff barriers’

Washington DC, Sep 17: Japan and the United States had recently concluded their initial bilateral trade agreement in regards to 'tariffs barriers' between the two...

Saif, Amrita cheer for ‘graduate’ Sara in throwback video

Mumbai, Sep 17 (IANS) Actress Sara Ali Khan was all smiles in a throwback video while sharing the stage with Nita Ambani and Bollywood...

Real Madrid fans are more ‘real’ than Chelsea’s, feels Hazard

Paris, Sep 17 (IANS) Real Madrid supporters are more invested in the club than Chelsea fans, feels the club's new star recruit Eden Hazard.Hazard...

Oil Cos. maintain check, petrol-diesel prices may not spike

By Subhash NarayanNew Delhi, Sep 17 (IANS) Consumers in India are unlikely to be overburdened with high retail price of auto fuels - petrol...
- Advertisement -

More Articles Like This