Walmart to make presence felt on Flipkart board
Monday April 30 2018
Walmart is set to secure up to four seats on the 10-man Flipkart board according to reports
Despite this, co-founders Binny Bansal and Sachin Bansal along with CEO Kalyan Krishnamurthy will all remain on the board as certainties.
If the Walmart deal goes through, India’s largest online retailer is also expected to continue being run as an independent business.
Walmart is targeting a 55-60% Flipkart minimum stake in a deal expected to value the company at $18-20 billion. The retail giant is also expected to invest $12 billion into the Indian business.
Flipkart has also been linked to a potential public offering in the future while a move by Amazon to rival Walmart in the stake has stalled due to concerns over approval from competition regulators.