"So we will continue to focus and stay invested and growing in this market (India) for now".
The Left parties have urged the Centre not to allow the Walmart acquisition of Flipkart. While the deal may have benefitted its co-founder and some employee stake-holders, it is set to benefit the Indian economy; accelerating job creation while also promoting farmers" income and "Make In India' initiative. It is also touted that Jack Ma's Alibaba Group also intends to become the third player in India, making the diversity in choices apparent. McMillon has led Walmart's efforts to boost worldwide business.
Amazon insiders had always anticipated a situation where they may have to fight Walmart in India. Currently, there are 1-1.2 million transactions per day in e-commerce retailing'.
"All of a sudden, everything is in play", said Dave Marcotte, an analyst at Kantar Retail.
In his letter sent to Prabhu earlier, Mahajan expressed fear that after Walmart's entry into Indian retail space, inflows of Chinese goods could further increase, as the USA retail behemoth is the seventh largest importer of Chinese merchandise in the world, inflating country's trade deficit.
Asked about the legal options, he said that CAIT might approach CCI.
"The owner can dictate anything".
He saw "no trouble" in getting regulatory approval needed from the Competition Commission of India (CCI) for the deal to buy 77 percent stake in Flipkart.
India is considered as one of the leading markets in the e-Commerce.
In Brazil, a nation just coming back after a two-year recession and political unrest, Walmart has already closed stores, overhauled management and wound down its e-commerce platform. In the last fiscal year, Flipkart recorded $4.6bn in sales - an increase of over 50 percent from the previous year.
But a closer look at the global backdrop in which Walmart has chosen to pay such a stupendous price for Flipkart shows that India will be the Kurukshetra for the mega battle between the two global retail behemoths Walmart and Amazon. "From the deal, all will be benefitted including investors and all stakeholders of the company", said Mohanty, who has worked for JPMorgan Chase and Barclays prior to kick start his own venture.
A member of Swadeshi Jagran Manch shouts slogan as she is detained during a protest against Walmart in New Delhi on Thursday.
Softbank founder and CEO Masayoshi Son did not give details in confirming the agreement while discussing the company's quarterly results on Wednesday.
This provision came after the revenue department had claimed $2 billion in taxes from a $11.2-billion deal between two overseas entities - Vodafone International Holdings (a Dutch subsidiary of Vodafone Plc) and Hong Kong-based Hutchison Whampoa and its associate firms, while selling the Indian arm of Hutch to Vodafone in 2007.
"Flipkart will no longer be a startup in the first place". The firm's position in the company is now worth about $1.1 billion after investing around $160 million over several funds into the company.