The rival company Amazon has also made a counter offer to buy 60 percent stake in Flipkart.
The Walmart-Flipkart deal has ruffled a lot of feathers but despite the turn out, the company's biggest investor, SoftBank, will be leaving the foray. The US retail conglomerate is tipped to spend at least $14.6 billion, and as much as $16 billion, in the cash-and-stock buyout of the Indian e-commerce company.
This could likely be the secondary valuation at which Walmart will invest in Flipkart. Sources close to the newspaper said Walmart was supposed to sign the term sheet for the deal nearly three weeks ago, but did not because SoftBank wanted Flipkart to wait until Amazon had put in its bid.
Meanwhile, Flipkart has bought back $350 million worth of shares from its investors as it seeks to convert its Singapore-incorporated company to a private limited firm.
Amazon has offered a US$2 billionbreakup fee as part of its bid, the report said.
CEO Krishnamurthy is expected to continue in his role, but numerous reports have been pointing to the exit of one of the two founders, Sachin Bansal, who is now the executive chairman of the company. India-based website BGR.in reported cofounder Binny Bansal might remain in some capacity as Walmart wants to retain only one of the founders.
Emails sent to Flipkart and Walmart did not elicit any response.
The company's largest backers like New York-based Tiger Global, Japan's SoftBank, Accel Partners, Microsoft, South African media and internet group Naspers, and eBay did not participate in the buyback. Flipkart had then announced that it had cash in excess of United States dollars 4 billion on its balance sheet.
Walmart is now seeking a bigger stake than previously expected.
Although Sachin's exit from Flipkart looks imminent, Walmart is holding on to Kalyan Krishnamurthy, the web retailer's present chief executive, TOI further said citing sources. 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.
Alphabet Inc. may be contributing $3 billion to the investment.
New data from World Health Organization shows that 9 out of 10 people breathe air containing high levels of pollutants. India also suffers under the weight of the dual burden of ambient and indoor air pollution.
The new laws will see a minimum price of 50p per unit set, with the price of low price, high strength alcohol set to soar. PC Claire McNaney believes those most at risk will benefit from the minimum price of a unit being introduced here.
If a user you follow likes to occasionally bulk upload, muting their profile, rather than unfollowing them, may be beneficial. The AR effects from them will roll out in the coming weeks, and Instagram expects to announce other partners soon.
Mr Hunt confirmed work is ongoing between the United Kingdom and Welsh governments to ensure the letters are sent out to everyone. More resources will be made available to ensure the additional screenings are carried out without delay to any patients.
Revenue was down 19% sequentially, primarily due to seasonality and a redesign of the Snapchat app, the company said. He said completely rebuilt Snap app for Android will roll out in the third quarter of the year.
According to media reports , Taipei said it was "deeply upset" at the decision, which it blamed on "dollar diplomacy". Beijing has since voiced fears that this may lead to a declaration of independence by the autonomous island.
A Puerto Rican official quoted by the Associated Press said nine people were aboard the plane and there no apparent survivors. In a tweet , the Chatham County Emergency Management Agency says the plane crashed Wednesday at the intersection of two roads.
Tinder even shows mutual Facebook friends with your potential matches and also pulls up your Facebook photos for your profile. And communications within the dating service will remain separate from the company's Facebook Messenger and WhatsApp .
According to reports , the minarets of the gates of the historic Taj Mahal were also damaged by the storms. He said 36 people died there on Wednesday night as the wind speed touched 80 miles per hour (130km/h).
"I've been made aware that a security engineer now employed at Facebook is likely using privileged access to stalk women online". Facebook won't be given the access it needs if people have suspicions it's being mishandled by employees.
Facebook is launching a feature dubbed Clear History and perhaps the most shocking item is that it wasn't there before. He said the best part of Facebook was what people did together, and that creating a sense of community was important.
Peterson's 2 eagles carries him to lead at Wells Fargo
He got another par on the drivable par-4 14th but there was no reason to celebrate as he missed his birdie chance from four feet. On Woods' short walk from the driving range to the first hole, it was as if he had his own gravitational pull. 8 and 9.
Xiaomi's Hong Kong IPO expected to raise at least $10 billion
The amends in the policy is expected to spin a new growth tangent for companies that will host IPO and get listed on the HKEC. It operates in more than 70 countries, including India where Xiaomi is the top smartphone company in terms of market share.
Malaysia Jails Man For Publishing Fake News
However, the court upheld the charge which argued that he had "with ill intent, published fake news through a video on YouTube ". Free speech advocates have challenged the law, saying that it violates constitutional guarantees to freedom of speech.
Yankees, Angels lineups Sunday | Latest on Shohei Otani
The disappointment of Ohtani's name not being in the lineup for the star-studded matchup was surely felt all the way to Japan. Ohtani (ankle) may throw a bullpen session Monday, Jeff Fletcher of The Orange County Register reports.
Multiple rounds of severe weather expected in central US
All is quiet right now, but strong to severe storms are still expected to begin flaring up late in the afternoon into the evening. All modes of severe weather will be fair game, including the possibility of very large hail, damaging wind gusts, and tornadoes.