Walmart Chief Executive Doug McMillon said Flipkart group, in which the U.S. retailer is acquiring 77 per cent stake, would continue to operate as a separate board-managed company with co-founder Binny Bansal as the CEO.
The co-founder and chairman of the Flipkart, Sachin Bansal has given his resignation to the company with a farewell post on facebook, he sold all his 5.5 percent of stakes for $1 Billion.
A day after adding Flipkart to its shopping cart at a fancy price tag, McMillon told Flipkart staffers that the deal was among the best decisions and emphasised that India was the best place was to be in.
Both the Left party and the BJP have always opposed the move to allow foreign direct investment (FDI) in the country's multi-brand retail sector but after coming into power, the BJP is facilitating the entry of foreign capital through the e-commerce route, said the CPI-M.
The value of the employee stock options would be around $1 million each, said an Economic Times report, which also suggested that the United States retail giant may look to buy back all such shares owned by Flipkart staff, thereby making them rich by at least a million USA dollars.
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The CPI-M said it was common knowledge that Walmart sourced its products from global markets and now these will be sold in India, further destroying the small scale and medium scale sector which is the largest provider of employment after the agricultural sector.
The deal values the 11-year-old home grown e-tailer Flipkart at approximately $21 billion (Rs 1.47 lakh crore).
"Therefore, being the controller of the company, Walmart may use the data and other information as per its will and wish and the possibility of compromising the data cannot be ruled out", he said, according to the statement. The source added that in order to avoid the short-term taxation issue, SoftBank may hold the Flipkart stake for 6-12 months. He said, "I'll be taking some long time off and focus on finishing a few personal projects which I haven't been able to find time for". Will catch up on gaming (and see what kids are playing these days) and brush up on my coding skills'.
With this deal, Flipkart became one of the most valuable internet startups in the world.
This will come as a big shock to those Flipkart employees who were working with Sachin on private project Billion - involving the sale of appliances, phones and fashion - and Binny has suggested that this will be controlled by the new leadership now.