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06 July, 2020, 04:48 PM IST

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  • Flipkart's sales plunged after the Centre put restrictions on ecommerce companies.

    "E-commerce contributed 9 per cent of total segment net sales, led by growth in China, Canada, UK and Mexico. Limited operations of the company's Flipkart business in India for a portion of the quarter negatively affected growth," said Walmart in a post earnings statement.

    Tiger Global entities had approached the AAR after the Income Tax Department rejected their application seeking benefits under the India-Mauritius Double Tax Avoidance Agreement (DTAA). The authority held that the Mauritius-registered companies were only “see-through entities” to avail of the benefits under the tax treaty and indicated that the real beneficiary was the US firm.

    Retailers like Metro Cash and Carry, Walmart, Lots Wholesale, MaxWholesale and others have witnessed an increase of 30%-160% in the sale of these products compared to the pre-covid days.

    Last month, Facebook had bought 9.9% stake in Jio Platforms for Rs 43,574 crore, making it the largest minority shareholder in the holding firm of Reliance Industries’ digital businesses including Reliance Jio Infocomm.

    Aggarwal succeeds Krish Iyer who is set to retire on March 31. Iyer, would get into advisory role from full-time management of Walmart India after leading the retail major for eight years. Aggarwal, who was elevated as Deputy CEO earlier in January this year, has now been promoted to Chief Executive Officer of Best Price, Walmart India, effective from April 1, Walmart said in a statement.

    Sources in the company said, McNeal’s role will now be divided between Sriram Venkataraman, who is expected to take over as the CFO of Flipkart as well as the fashion etailer Myntra, and Adarsh Nahata who is currently PhonePe’s CFO.

    Amazon’s India unit has contracted 2 million sq ft while Walmart-backed Flipkart has contracted 1 million sq ft across Bengaluru, Mumbai Metropolitan Region, Hyderabad, Pune, Ahmedabad, Lucknow and Coimbatore, said multiple persons aware of the development.

    “Out of the 28 stores, six will be converted into fulfilment centres,” a person in the know said. Walmart’s plan is to turn many more of its ‘Best Price’ brand cashand-carry stores into warehousing in the coming months. The move comes barely a month after Walmart said it had sacked more than 50 employees in India as part of a restructuring plan.

    The retailers have pushed their private labels to fill the gaps in supply chain due to production shortage and transportation from other manufacturers, and even introduced new products under their private labels during the crisis.

    The comments came after the government allowed neighbourhood and standalone shops, including those located in residential complexes in urban areas, to open (at 50 per cent strength and after taking necessary precautions) during the ongoing lockdown till May 3. In rural areas, all shops, except those in shopping malls, are allowed to open.

    Walmart said Flipkart now had over one billion visitors a month, with monthly active customers growing by 45% in the last one year and transactions per customer increasing by 30% in the same period. Apart from Flipkart leading international ecommerce sales for Walmart, the company said that the unit had reported record sales during its BigBillionDays sale event last year.

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