Walmart OK With Whatever Decision Softbank Takes On Its Flipkart Stake

Softbank May Invest Whopping $3 Bn in Paytm Mall, Thanks To Flipkart

"There is likely to be capital gains withholding tax implications when the shares of Flipkart Singapore are sold by Softbank or other foreign investors".

SoftBank, which was an early investor in Alibaba, has committed investments of over $10 billion in India.

There are also reports that SoftBank was also in discussion with Walmart for deciding its role in Flipkart. However, he said if SoftBank decides to stay put, it will bring more equilibrium to the Flipkart board.

The Hindu Business Line on 12 April, citing data by start-up research and data analytics firm Tracxn, reported that SoftBank has invested more than $8 billion in the Indian e-commerce and internet market over the past five years.

The tax department had last week written to Bentonville-Arkansas based Walmart saying that the U.S. company can seek guidance about the tax liability under Section 195 (2) of the I-T Act.

"Despite this deterioration, the acquisition is credit positive because it provides immediate scale in India's burgeoning retail e-commerce sector and we expect that a combination of increased cash flow and debt reduction will push the RCF/net debt ratio back above our 35 per cent", said Moody's in a report.

Sources said to PTI that SoftBank is yet to take a call on exiting Flipkart.

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SoftBank Vision Fund invested about $2.5 billion in Flipkart in August a year ago after a failed attempt to orchestrate a merger with Snapdeal, which was its first bet in the Indian online retail space in 2014.

When contacted, a SoftBank spokesperson declined to comment.

Post the Walmart-Flipkart, SoftBank reportedly had a second thought about selling its entire Flipkart stake to Walmart. The agreement will effectively result in a transfer of ultimate ownership in Flipkart India to Walmart. "Walmart will have the majority with or without SoftBank".

Cutting Flipkart's massive losses while keeping Amazon India at bay, building up the company's depleted senior leadership team, retaining key middle managers and making the combination of Binny Bansal and CEO Kalyan Krishnamurthy work are some of the immediate challenges that Walmart faces.

The $16 billion deal announced between United States retail giant Walmart and India's Flipkart last week has come under the scanner of the income tax (I-T) department. The bank has not made a decision to sell its stake to Walmart.

On May 9, Walmart Inc said it is buying a 77 per cent stake in Indian e-commerce retailer Flipkart for about $16 billion, but it is yet to disclose financing plans.

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