India targets revenue grab after $21m Google fine
NEW DELHI: Rotomac promoter Vikram Kothari took public sector banks for a ride between 2008 and 2013 by getting foreign letters of credit (FLCs) for making payments to his buyers and suppliers abroad who operated from virtual offices in places like Dubai Sharjah and Hong Kong. Banks hit by another multi- 000cr default-diversion - by RotomacThe Enforcement Directorate registered a money laundering case against Kothari and his family members while the income tax department seized their bank accounts on Monday. Rotomac Global Pvt Ltd engaged in intermediary trade and manufacturing pens routinely approached seven banks including Bank of Baroda s (BoB s) international business branch at The Mall Kanpur seeking credit ranging from Rs 15 crore to Rs 200 crore from 2008 to 2013 mostly for exports and imports. BoB alone was cheated of http://boinc.riojascience.com/view_profile.php?userid=295445 Rs 456 crore by Kothari. Instead of using the money to pay buyers/suppliers the money was round-tripped to accounts of Rotomac and its sister companies. For example Rs 15.50 crore in packing credit disbursed to Rotomac s current account for executing an export order of 4.2 million was remitted to the company s other accounts through RTGS. Similarly BoB gave packing credit of around Rs 34 crore for an export order received from Starcom Resources PTE Singapore for supply of 15 700 tonnes of wheat. This money was remitted to the account of one Bargadia Brothers Pvt Ltd. The CBI FIR claimed that Rotomac received around Rs 16 crore from Bargadia immediately after this. It clearly shows that no export was made and the packing credit sanctioned was misutilised BoB said in its complaint to the CBI. Kothari indulged in trade for which incomplete documents were produced or the company submitted photocopies of bills of loading and other documents of transactions on the pretext that original papers were sent to the importer. Most of the papers the CBI claimed originated in overseas centres. BoB alleged the company did not attach the packing list mandatory insurance copies of goods certificate of origin of goods or the inspection certificate from third parties while submitting documents to it. When BoB officials visited Rotomac s suppliers and buyers abroad they found that the import/export business was allegedly running through shell companies. Our representative from the Hong Kong branch visited the address given by Rotomac for Gulf Distribution Ltd and found that the latter maintained a virtual office and physical office was not present BoB said in its complaint to the CBI. Similarly when BoB s Dubai branch officials visited the office of supplier Pacific Universal General they found only an office boy there. In Sharjah the office of a buyer/supplier was found closed. The bank alleged that Kothari and Rotomac violated Foreign Exchange Management Act rules and worked for interest rate differential in local and foreign currency in the guise of trade without having any genuine business transactions. BoB also alleged that Rotomac was routing sale transactions from one company and purchase transactions from another.
Donald Trump Jr is heading to India this week as the acting head of The Trump Organization attempts to woo potential buyers into purchasing units in its latest development.That development is the Trump Towers Delhi which will feature 254 apartments in two 47-story towers when it is complete in 2023 with prices ranging from 850 000 to 1.7 million per unit.Don Jr. is flying in ahead of the project s groundbreaking ceremony and buyers who commit to purchasing a unit this week have been promised a seat at a dinner with President Trump s oldest son according to The New York Times. The trip is raising eyebrows among some however as President Trump has been working to strengthen ties with India and Ivanka traveled to the country last year just as sales started on the units.Scroll down for video Richie Rich: Donald Trump Jr (above in December leaving the Senate Intelligence Committee) will be in India this week in support of The Trump Organization s four projects in the country with Secret Service by his side Ambitious rendering: His main focus will be selling units at Trump Tower Delhi (above in rendering) which will feature 254 apartments in two 47-story towers when it is complete in 2023 Leaders in love: Some are questioning the trip in light of President Trump s very public adoration for India over the past year and close relationship with Prime Minister Modi (pair above in June)President Trump s oldest son will be attending cocktail parties dinners and meetings with local real estate developers during his week-long trip in support of the project.He will also be a speaking at the Global Business Summit in new Delhi on Friday alongside his father s good friend Prime Minister Narendra Modi.Despite that fact Don Jr said in an interview he would not be interacting with government officials.He will however be travelling with a taxpayer-funded Secret Service detail. RELATED ARTICLES Previous 1 Next Trump turns on Oprah: President slams insecure Winfry for... Kissed and made up? Melania Trump places her hand on... Rob Porter s ex-wives say senator who once employed the... President Trump goes after his own National Security Adviser... Share this article Share 233 shares Trump Towers Delhi is not in fact in New Delhi but rather the city of Guragon. It is one of four projects that The Trump Organization is currently involved with in the country.Don Jr was previously in India back in 2014 with his father as they launched the Trump Mumbai.That project is expected to be completed next year and Don Jr will stop in the city again during his trip.He will also visit the cities of Kolkata where a new project is set to break ground and Pune the only project that has been completed of the four. Daughter delegation: Ivanka Trump traveled to India in November (above with Prime Minister Modi) just before units became available for sale at the development located outside New Delhi in the city of Guragon Family ties: The Trump Organization put up no capital for any of the four projects and instead receives a portion of sales for the usage of their name and services (President Trump and Don Jr with developer Abhishek Lodha of Lodha Group in 2014 promoting Trump Tower Mumbai ahead of its groundbreaking) The Trump Organization has not put up any of the money towards the building of these new projects and instead are lending their name and business acumen for a cut of the sales.That payout is increased for units that sell above the market rate.President Trump has shown a deep adoration for India and Prime Minister Modi who he famously hugged outside the White House back last June.At the same time he has come down hard on the country s neighbor and grteatest foe Pakistan.On New Year s he tweeted: The United States has foolishly given Pakistan more than 33 billion dollars in aid over the last 15 years and they have given us nothing but lies & deceit thinking of our leaders as fools. They give safe haven to the terrorists we hunt in Afghanistan with little help. No more!
GURGAON India When the Trump family jet lands in India this week the family member taking a tour of the world s largest democracy with a Secret Service detail in tow won t be the president on a diplomatic mission. It will be his eldest son Donald Trump Jr. on a sales trip.But Indians might be forgiven for not making much of the distinction.The visit by the younger Mr. Trump intended to help sell more than 1 billion in luxury residential units being built by the Trumps and their local partners has been promoted with newspaper advertisements that read: Trump has arrived. Have you? The younger Mr. Trump s weeklong itinerary of cocktail parties dinners and events with real estate brokers business leaders and prospective buyers comes as President Trump is working to strengthen ties between the two countries.The president who enjoys widespread popularity in India was greeted by Prime Minister Narendra Modi with a bear hug in Washington last June and the two leaders have frequently discussed greater military cooperation and ramping up trade. Mr. Trump has also taken a harder line toward Pakistan and China two of India s rivals. Two weeks ago President Trump phoned Mr. Modi pledging to strengthen security and economic cooperation between India and the United States. Continue reading the main story
Canadian Prime Minister Justin Trudeau s first official visit to India has not been the love fest many expected it to be. Instead it has led to speculation in the media both in Canada and India that the Indian government accorded him a lukewarm reception because of his alleged support of Sikh separatist Khalistani groups in his country.The speculation started when Trudeau was received at Delhi airport on Saturday night by Minister of State for Agriculture Gajendra Singh Shekhawat. This was in stark contrast to Prime Minister Narendra Modi personally greeting global leaders on the tarmac with a bear hug as he did when Israeli Prime Minister Benjamin Netanyahu arrived in January. Modi who is in Karnataka also did not meet Trudeau when the latter visited the prime minister s home state of Gujarat on Monday. The two leaders are scheduled to meet only on Friday at the end of Trudeau s week-long visit. The media also noted that Uttar Pradesh Chief Minister Adityanath did not greet the Canadian leader when he visited the Taj Mahal with his family on Sunday.However former Indian high commissioner to Canada Vishnu Prakash denied the government had snubbed Trudeau. In an interview to Scroll.in he said the government had followed protocol and extended all due courtesy to the visiting leader. But he admitted there was concern in India over the Trudeau government s wooing of Sikhs in Canada as this had emboldened Khalistani elements working against India.Edited excerpts from the interview:The fact that the Canadian prime minister was welcomed at the airport by a junior minister in the Narendra Modi cabinet seems to have prompted some commentary both in the Canadian press and the Indian media that this was a snub. How do you look at it?There is no snub whatsoever by any stretch of the imagination. Prime Minister Justin Trudeau is an esteemed guest. He is on a state visit. He is here on the invitation of Prime Minister Narendra Modi and he has been accorded all due courtesy as per protocol.Not just in India but the world over the standard protocol is that a minister of state receives a head of government while it is a cabinet minister in the case of a visiting head of state. India has accorded every courtesy and gone by protocol in warmly welcoming every guest.Be that as it may is everything alright between the Indian and Canadian governments in light of Trudeau s politics and what we see happening in Canada for example the Ontario Provincial Parliament s adoption last year of a resolution terming the 1984 anti-Sikh riots in India a genocide?This relationship is important to both countries. We are both G20 countries Canada is also part of the G7. We have complementary economies we have similarities like democracy rule of law a vibrant diversity the Indian diaspora. The relationship is good. There are a number of areas where we are doing well. It is not just a one-issue relationship. The countries have invested a lot of political capital diplomatic capital It was important it is important and it continues to be important.On the other hand there is certainly concern in fact major concern in India about the nature of vote-bank politics in Canada. We are also a democracy a multi-ethnic society so we understand vote-bank politics. There is no difficulty whatsoever on the matter of the Canadian leadership cultivating segments of its own populace or in particular courting the Sikh vote within gurdwaras. This is all a part of politics in any democracy.What we are concerned about is that successive Canadian governments in general and the Liberal government headed by Trudeau in particular have gone beyond the needs of political arithmetic and have been courting or mollycoddling radical elements Khalistani elements in particular.And there are these incidents you mentioned: the Liberal government in the Ontario Provincial Parliament passing a resolution terming the 1984 riots a genocide Trudeau appearing on Khalistani platforms with Khalistani flags where known terrorists who have the blood of innocent people on their hands were eulogised. These are cause for concern because frankly Canadian soil is being used by Khalistani elements for anti-India activities.What about Canadian gurdwaras banning the entry of Indian officials in recent months? We did not see strong condemnation from anybody in the Canadian government.This is not the doing of the Canadian government but certainly radical elements have been emboldened. The great Sikh religion that is inclusive benign open to all ethnicities and communities is being hijacked by a very small section of Khalistani elements who control the gurdwaras in Canada. They not only control the gurdwaras but through that they corner a lot of the funds that devotees bring in and they misuse that money. They misuse that platform. It is for the first time that a place of worship a gurdwara is being declared out of bounds to Indian officials.The good news is that there are sober and influential Sikh voices in Canada who have distanced themselves from this approach and from that resolution. But certainly an emboldened section of Khalistani elements continues to make mischief.How do you see this play out when Trudeau meets Modi later this week?There is a shadow on the relationship. There is no doubt about it. But as I said this is not a one-issue relationship. On the matter of Khalistani elements operating out of Canadian soil we have been taking this up with our Canadian friends for a long time and at all levels. It has been taken up with Trudeau also.We would expect a friendly country to show more sensitivity to India s concerns and not allow anti-India activities or hatred and disaffection against India to be whipped up by just a few misguided elements who have made this their business because 99.9% of the Sikh diaspora is friendly towards India and considers India their cultural home. It is just a microscopic section of the diaspora that is doing what it is doing but in the last two to three years since the Liberal government came to power we find they are emboldened.In fact this small section is radicalising Sikhs and this is something we have shared with our Canadian friends too. At the end of the day if you radicalise Sikh youth who are all Canadian youth and give them unsheathed swords to brandish these are not good signs for any democracy or any liberal progressive society.In your understanding why is the approach taken by Justin Trudeau different from say his predecessor Stephen Harper?The Liberal government is courting the Sikh vote and there is no problem with this. If you look at Canadian politics the majority of Sikh votes have always gone to the Liberal Party which is seen as supportive of the community. But why this government is going beyond political needs and arithmetic is beyond me. I do not see them getting an extra bang for their buck but somehow they have decided they are also going to sup with the radicals. They give the radicals the oxygen of publicity by appearing on their platforms. They give them respectability and that emboldens them.I have served in Canada and am very fond of these wonderful people. But I do not understand why this pandering should be taking placeCanadian Prime Minister Justin Trudeau at a gurdwara in Ottawa. (Credit: Reuters)You have been quoted as saying Canada has truly been a land of opportunity for the Indian diaspora . That needs to be noted as well. And much can be done to improve trade relations between the two countries.I call it the three Es of the relationship economic energy and education.On the economic front there is a lot of scope and things are happening. Canadian pension funds are very bullish on India investing between 12 billion and 15 billion Canadian dollars. And there are large companies like Brookfield and Fairfax Holding We are negotiating a deeper more comprehensive economic partnership agreement. This should boost our trade and economic relationship.Canada is an energy superpower and we need energy. Canada can gradually become a key element for India s energy security. We are already importing uranium from Canada.Similarly education. Imagine there was a 60% increase in Indian students going to Canada in one year in 2017. And for good reason: Canada provides quality education. We also routinely give three-year work visas to scholars who have graduated from Canadian schools. And it is not one-sided.A controversy is also brewing over the Canadian prime minister reportedly deciding to not meet Punjab Chief Minister Amarinder Singh over the latter s remarks that members of Trudeau s cabinet have links with Khalistani separatists and then later extending an olive branch to Singh.The chief minister of Punjab is on record saying that it is an honour to receive the esteemed Prime Minister Justin Trudeau of Canada when he visits Amritsar. Going by media reports I read that the high commissioner of Canada was asked to go to Punjab to invite Amarinder Singh for a meeting perhaps with Trudeau. This is very much in keeping with the quality of the India-Canada relationship. We are very happy that the esteemed guest is visiting the holy city of Amritsar and the Golden Temple which is open to people of all faiths. And that is a very happy development.
NEW DELHI: The issue of Canadian government s apparent ambivalence on how to deal with Sikh extremists continued to cloud PM Justin Trudeau s ongoing visit to India. The 7-day visit the longest in recent times by a head of government seemed to be making news for all the wrong reasons with the Indian side at pains to deny that PM Narendra Modi not receiving Trudeau at the airport or not accompanying him to Ahmedabad was a snub to the visiting leader. It was Canada according to official sources which insisted that Trudeau s official engagements in Delhi take place towards the end of his India visit. Trudeau and his defence minister Harjit Sajjan sources here said finally proposed a meeting with Singh in what is being seen as an attempt to address the strong perception in India that Trudeau s Liberal government has failed to rein in pro-Khalistan elements active in Canada. Reports from Canada had earlier said that no such meeting had been sought by Canadian authorities. While Canadian diplomatic sources chose to not comment on the issue Singh himself tweeted Monday evening that he was looking forward to meeting Trudeau in Amritsar on Wednesday. I m hopeful that this meeting will help strengthen the close Indo-Canadian business ties as well as the deep-rooted people-to-people relations between our two countries he said. Official sources here confirmed that Canada was initially reluctant to have Trudeau meet Singh because the latter had last year refused to meet Sajjan calling him a Khalistani sympathiser. While Trudeau is expected to reiterate Canada s position that it fully supports a unified India India wants Trudeau to also ensure that his Sikh ministers are not seen as endorsing in any way the Khalistan movement. Another diplomatic headache for India was the perception that Canada an important supplier of uranium to India which has also backed India s NSG membership bid to the hilt was being ignored by the Indian establishment. Trudeau detractors in Canada were quick to claim that Modi had snubbed him by not receiving him at the airport and also by not accompanying him to Ahmedabad the city Trudeau visited with his family on Monday before flying to Mumbai. Official sources here said that Trudeau had been received by a Minister of State in keeping with the protocol. Really don t understand the point here as the PM didn t even receive Chinese President Xi Jinping at the airport adding that going to airport was a departure from protocol and a special gesture shown by the PM for a select few leaders. Modi has so far received only former US President Barack Obama Japanese PM Shinzo Abe Abu Dhabi Crown Prince Mohammed bin Zayed Al Nahyan Bangladesh PM Sheikh Hasina and Israeli PM Benjamin Netanyahu at the airport. While Trudeau landed in Delhi first from Canada on Saturday evening he chose to visit Taj Mahal the next day before flying to Ahmedabad and Mumbai. He will visit Amritsar on Wednesday before finally arriving in Delhi for an official reception and meeting with Modi which is scheduled for Friday. An official source here termed the itinerary as weird saying that the Indian side had repeatedly suggested that Trudeau first have his official engagements in Delhi before travelling to other cities. According to Indian authorities Trudeau and his officials had chosen on their own to visit Ahmedabad and at no stage had Modi committed himself to accompanying the Trudeau family to Ahmedabad. Reports in Canadian media highlighted how Modi had earlier accompanied Xi and also Abe and Netanyahu to Ahmedabad.
Is Justin Trudeau meeting Captain Amarinder Singh or is he not? The Punjab chief minister reportedly expressed willingness to escort the visiting Canadian prime minister on his trip to the Golden Temple in Amritsar. While the Canadian press earlier reported that Trudeau s office is not interested in meeting Captain Amarinder a vocal critic of Trudeau regime s role in aiding Khalistani resurgence later reports indicated that since Trudeau s landing in India the Canadian high commission has been involved in furious back-channel negotiations to set up the meeting. According to Abigail Bimman of Canada-based Global News Sunday evening in New Delhi a government official speaking on background confirmed the plans had changed and a meeting between Trudeau Sajjan and Singh would be requested by Canadian high commissioner Nadir Patel. The official wouldn t say what prompted the change. Indeed in a late breaking development Captain Amarinder tweeted: Look forward to meeting Canadian Prime Minister @JustinTrudeau in Amritsar on Wednesday. I m hopeful that this meeting will help strengthen the close Indo-Canadian business ties as well as the deep-rooted people-to-people relations between our two countries. Capt.Amarinder Singh (@capt_amarinder) February 19 2018 It may seem peculiar that the granular details of a high-level visit usually sorted out well before a Head of State boards the flight to host nation were left hanging even during the visit. This confusion however reflects the state of India-Canada bilateral relationship which is fallen into a state of disrepair and mistrust since Trudeau s Liberal Party came to power in 2015. The Stephen Harper-era warmth has been replaced by a chill that Trudeau and his entourage may have felt despite arriving in India at the onset of summer. If two of the strongest democracies in the world still find themselves at odds it owes largely to the disturbing course Canada s domestic politics seems to have taken. Justin Trudeau arrives in India. Twitter@VikasSwarup Members of the Trudeau Cabinet have been accused of being sympathetic to the Khalistani cause. There have been widespread concerns in India that Sikh terrorism is rearing its head again fuelled by liberal support and funds in the West. An umbrella group of the management committee of 14 gurudwaras in Canada last December barred Indian officials from visiting the shrines. The ban was soon replicated in the United Kingdom and the United States. Last April Ontario s provincial legislature carried a motion describing the 1984 anti-Sikh riots as genocide prompting an alarmed India to reject this misguided motion which is based on a limited understanding of India its constitution society ethos rule of law and the judicial process and convey to the government and political leadership in Canada that such moves are deleterious to bilateral ties. The Sikh separatist movement is getting a wide berth in Canada even among Liberal Party s rivals. Jagmeet Singh one of the rising stars in Canadian politics who belongs to the Opposition New Democratic Party (NDP) and the man behind the motion to declare 1984 a genocide is ambivalent about the role of Talwinder Singh Parmar the man behind Canada s worst terrorist attack: The 1985 Air India bombing incident. All 329 people (most of them Canadian nationals or Canadian-Indians) on board Air India Flight 182 were killed when an explosive device tore apart the plane as it approached Ireland. Jagmeet has maintained a studied silence when ever asked to condemn Parmar wrote Ushinor Majumdar in Outlook because NDP lost 59 seats in the 2015 federal elections and fell to third place nationally. The Sikh population less than two percent of Canada s total but with significant concentrations across constituencies is a real factor. To add to the wound the only Sikh immigrant who was convicted of the terrorist attack was freed last year after a jail term while two others were acquitted without punishment. To quote from Ushinor This offshore radicalism is also organically linked and bleeds right back to the narrative unfolding in Punjab. Obviously the Khalistan movement is a hot button issue in India that sits at the crossroads of secessionism radicalism and terrorism evoking ghosts of the past and anxieties of present. Though the official Canadian position is to reinforce India s unity and integrity it has frequently been belied by key members of Trudeau s party and the government. Canadian defence minister Harjit Sajjan and Infrastructure Minister Amarjeet Sohi (both of whom are part of the touring delegation) have been accused of being complicit in the rise of Sikh radicalism which they both deny. Trudeau s initial decision to avoid a meeting with Captain Amarinder was based on reports that the Punjab chief minister has called the Canadian defence minister a Khalistan sympathiser . Some Canadian lawmakers dismiss this as an Indian media-fuelled controversy but it is hard to take such a position when Sohi a minister in Trudeau Cabinet stated on the record: If some people believe in the support or the movement of Khalistan they re entitled to do so as long as they do that in a peaceful way. Trudeau himself courted controversy by repeatedly appearing in political events where Sikh radicals have been feted or glorified. For instance India had to issue another stern rebuke against the Canadian government when Trudeau attended Khalsa Day a Sikh community event in Toronto on 30 April. The Canadian prime minister reportedly addressed a parade at the rally that glorified Sikh militant leaders Jarnail Singh Bhindranwale Amreek Singh and former General Shahbeg Singh who were killed during Operation Blue Star in 1984. A former diplomat was quoted as saying by Suhasini Haider in The Hindu this is an issue we will have to grapple with not just in the provinces but in the House of Commons where many of these Sikh separatist groups believe they now have a sympathetic ear. This presents a challenge for bilateral ties which the Trudeau regime seems unwilling to meet even halfway. There are increasing indications however that Trudeau doesn t even want to meet the challenges. The reason is complicated and takes us to the heart of Canadian politics where the 1.4 million-strong Sikh community in Toronto and Vancouver has emerged as a powerful vote-bank . The Trudeau regime claims to interpret the demand for Khalistan which has evolved from a human rights movement against the 1984 anti-Sikh riots to a full-fledged politico-radical movement for secessionism as the freedom of expression issue of a vocal minority. Such a position may have passed muster in a world innocent of terror not any more. A movement that seeks political solution through terror cannot be cast within the paradigm of freedom of expression . It not only goes against One India policy but is also at odds with New Delhi s stated position on terror. It seems Trudeau or his ministers are unable to take an unambiguous clear position against terrorism. Under normal circumstances this would be interpreted as bad policy that runs the risk of further damaging bilateral ties. For Trudeau though such a position may reap rich electoral dividends and it seems likely that instead of virtue-signalling on freedom of expression Trudeau s position on Khalistan is a cynically calculated stand designed to garner votes from an influential community. Canadian media quoted Vivek Dehejia associate professor at Carleton University and IDFC http://kfckk.qowap.com/11134894/kfc-offers-in-shopozo Institute resident fellow as saying I think to be fair there is sometimes a feeling that some Sikh-Canadian politicians maybe are playing to a Khalistani gallery back here in Canada It helps to win votes in that particular community and those kinds of statements aren t helpful frankly because India doesn t take kindly to appearing to condone a separatist movement. Suddenly the controversies that surround Trudeau s visit to India where he has been accorded just one official day for bilateral engagements in a seven-day trip make sense. Trudeau might not be successful in striking a Free-Trade Agreement sorting out the long-pending Comprehensive Economic Partnership Agreement (CEPA) or the Foreign Investment Promotion and Protection Agreement (FIPA) with India. What he may ensure however is a bagful of votes back home even if he suffers a royal snub on tour.
BENGALURU: Walmart s investment negotiations with Flipkart include a proposal to open a chain of retail stores in India according to an investment banker familiar with the developments which could finally allow the companies to realise their long-harboured ambitions. The US-based retail giant is negotiating to buy more than a 30% stake in India s largest online marketplace as it seeks to open another global front in its battle against Amazon. Walmart however is likely to get only a 20% stake because of objections from Flipkart s newest investor SoftBank which holds a 20.8% stake in the Indian company according to other people privy to the negotiations. Flipkart has been trying to foray into offline stores for a long time and has been looking for the right partner the investment banker said requesting anonymity and declining to disclose more details. Walmart cannot directly open retail stores in India because of restrictions on overseas investments in multi-brand retail. It runs wholesale operations instead. As for Flipkart which needs more than just capital muscle to take on the heavily funded Amazon in India ET reported this week that the online marketplace was in the fray to buy retail chain Vishal Mega Mart from TPG and Shriram Group. Spokespersons for Flipkart Walmart and SoftBank all declined to comment. Retail industry experts said a partnership between Flipkart and Walmart would boost the online retail business of the former and grocery and consumer goods business for the latter. Walmart already has a presence in India via its business-to-business arm with 21 Best Price Modern Wholesale stores. If Walmart s negotiations with Flipkart materialise purchases of grocery and consumer goods on Flipkart could be handled also via Walmart s wholesale stores improving product availability and delivery speed for the online retailer. And a retail store partnership would allow Flipkart s customers to order online and pick up their purchases from the stores said the industry experts. Walmart may have to establish a marketplace seller (akin to WS Retail) that can sell consumer goods via Flipkart one of them said. Walmart had previously partnered with Bharti Enterprises to manoeuvre around India s foreign direct investment rules but ended the partnership in 2013. The retailer steered clear of any Indian partnerships until 2016 when it began investment discussions with Flipkart. The talks didn t materialise. Walmart s current negotiations with Flipkart are expected to mirror the schematics of its investment in JD.com under which the Tencent-backed Chinese company s management then wasn t disturbed. The Walmart-Tencent alliance is now playing out in India as part of a global alliance to counter Amazon which has committed to invest 5 billion in its core India marketplace. New York-based Tiger Global Management an early investor in Flipkart was the biggest early backer of JD.com as well. WeChat owner Tencent led a 1.4-billion investment in Flipkart along with Microsoft and eBay in April. SoftBank invested 2.5 billion in August and discussions with Walmart for a potential investment in Flipkart was a part of its 100-day plan during its initial strategy meeting a source said. Walmart will get board seats on Flipkart for its global ecommerce CEO (Marc Lore) and international CEO (Judith McKenna) and not touch the existing management team said one of the persons cited above. Primaries (sale of new shares) are expected to value Flipkart at around 20 billion and secondaries (shares sales from existing investors) at a lower valuation said another person privy to the negotiations.
HYDERABAD: Union Electronics and Information Technology Minister Ravi Shankar Prasad on Monday said his ministry is working in mission mode to make India s digital sector 1 trillion economy in next five years. This has potential to create 60 lakh to 75 lakh new jobs he told reporters on the sidelines of World Congress on Information Technology (WCIT) 2018 which began here on Monday. Dispelling the apprehension that new technologies will displace jobs he said that if a new technology displaces 10 jobs it creates 100 new jobs. The minister recalled that during 1980s when computer was introduced in India there was strong opposition to it due to the apprehension that it will kill jobs but it proved to be the biggest job creator. Prasad believes that the technology has unique attribute of empowering people and creating jobs. He assured people that new technologies like Artificial Intelligence blockchain Internet of Things and Robotics would further empower India and create new jobs. Earlier addressing the inaugural session of the Congress he said the new technologies will take time to adjust and the government NASSCOM private sector and academia have to ensure that the stakeholders are not made uncomfortable in the transition. We have to take extra care because once of power of technology is recognized it will have smooth sailing. The transition period must be handled carefully he said. Hailing NASSCOM s initiative to upskill existing workforce and also skill potential employees he said this could address the consequences in the pace of acquisition of new technologies. Stating that new technologies will bring in new challenges while creating new opportunities he said ethical and regulatory issues have to be addressed. Referring to the huge number of mobile phones smart phones Internet penetration and unique verifiable digital identity in the share of Aadhar he said that India s digital story is finding resonance globally and digital companies are coming to India in a big way. He said the government through projects like Digital India Make in India Skill India and Startup India was seeking to empower ordinary Indians with technology which is affordable and inclusive. The real vision of Digital India is bridging the digital divide and empower ordinary Indians through digital delivery of services he added.
Donald Trump Jr is heading to India this week as the acting head of The Trump Organization attempts to woo potential buyers into purchasing units in its latest development.That development is the Trump Towers Delhi which will feature 254 apartments in two 47-story towers when it is complete in 2023 with prices ranging from 850 000 to 1.7 million per unit.Don Jr. is flying in ahead of the project s groundbreaking ceremony and buyers who commit to purchasing a unit this week have been promised a seat at a dinner with President Trump s oldest son according to The New York Times. The trip is raising eyebrows among some however as President Trump has been working to strengthen ties with India and Ivanka traveled to the country last year just as sales started on the units.Scroll down for video Richie Rich: Donald Trump Jr (above in December leaving the Senate Intelligence Committee) will be in India this week in support of The Trump Organization s four projects in the country with Secret Service by his side Ambitious rendering: His main focus will be selling units at Trump Tower Delhi (above in rendering) which will feature 254 apartments in two 47-story towers when it is complete in 2023 Leaders in love: Some are questioning the trip in light of President Trump s very public adoration for India over the past year and close relationship with Prime Minister Modi (pair above in June)President Trump s oldest son will be attending cocktail parties dinners and meetings with local real estate developers during his week-long trip in support of the project.He will also be a speaking at the Global Business Summit in new Delhi on Friday alongside his father s good friend Prime Minister Narendra Modi.Despite that fact Don Jr said in an interview he would not be interacting with government officials.He will however be travelling with a taxpayer-funded Secret Service detail. RELATED ARTICLES Previous 1 Next Trump turns on Oprah: President slams insecure Winfry for... Kissed and made up? Melania Trump places her hand on... Rob Porter s ex-wives say senator who once employed the... President Trump goes after his own National Security Adviser... Share this article Share 233 shares Trump Towers Delhi is not in fact in New Delhi but rather the city of Guragon. It is one of four projects that The Trump Organization is currently involved with in the country.Don Jr was previously in India back in 2014 with his father as they launched the Trump Mumbai.That project is expected to be completed next year and Don Jr will stop in the city again during his trip.He will also visit the cities of Kolkata where a new project is set to break ground and Pune the only project that has been completed of the four. Daughter delegation: Ivanka Trump traveled to India in November (above with Prime Minister Modi) just before units became available for sale at the development located outside New Delhi in the city of Guragon Family ties: The Trump Organization put up no capital for any of the four projects and instead receives a portion of sales for the usage of their name and services (President Trump and Don Jr with developer Abhishek Lodha of Lodha Group in 2014 promoting Trump Tower Mumbai ahead of its groundbreaking) The Trump Organization has not put up any of the money towards the building of these new projects and instead are lending their name and business acumen for a cut of the sales.That payout is increased for units that sell above the market rate.President Trump has shown a deep adoration for India and Prime Minister Modi who he famously hugged outside the White House back last June.At the same time he has come down hard on the country s neighbor and grteatest foe Pakistan.On New Year s he tweeted: The United States has foolishly given Pakistan more than 33 billion dollars in aid over the last 15 years and they have given us nothing but lies & deceit thinking of our leaders as fools. They give safe haven to the terrorists we hunt in Afghanistan with little help. No more!
GURGAON India When the Trump family jet lands in India this week the family member taking a tour of the world s largest democracy with a Secret Service detail in tow won t be the president on a diplomatic mission. It will be his eldest son Donald Trump Jr. on a sales trip.But Indians might be forgiven for not making much of the distinction.The visit by the younger Mr. Trump intended to help sell more than 1 billion in luxury residential units being built by the Trumps and their local partners has been promoted with newspaper advertisements that read: Trump has arrived. Have you? The younger Mr. Trump s weeklong itinerary of cocktail parties dinners and events with real estate brokers business leaders and prospective buyers comes as President Trump is working to strengthen ties between the two countries.The president who enjoys widespread popularity in India was greeted by Prime Minister Narendra Modi with a bear hug in Washington last June and the two leaders have frequently discussed greater military cooperation and ramping up trade. Mr. Trump has also taken a harder line toward Pakistan and China two of India s rivals. Two weeks ago President Trump phoned Mr. Modi pledging to strengthen security and economic cooperation between India and the United States. Continue reading the main story
Canadian Prime Minister Justin Trudeau s first official visit to India has not been the love fest many expected it to be. Instead it has led to speculation in the media both in Canada and India that the Indian government accorded him a lukewarm reception because of his alleged support of Sikh separatist Khalistani groups in his country.The speculation started when Trudeau was received at Delhi airport on Saturday night by Minister of State for Agriculture Gajendra Singh Shekhawat. This was in stark contrast to Prime Minister Narendra Modi personally greeting global leaders on the tarmac with a bear hug as he did when Israeli Prime Minister Benjamin Netanyahu arrived in January. Modi who is in Karnataka also did not meet Trudeau when the latter visited the prime minister s home state of Gujarat on Monday. The two leaders are scheduled to meet only on Friday at the end of Trudeau s week-long visit. The media also noted that Uttar Pradesh Chief Minister Adityanath did not greet the Canadian leader when he visited the Taj Mahal with his family on Sunday.However former Indian high commissioner to Canada Vishnu Prakash denied the government had snubbed Trudeau. In an interview to Scroll.in he said the government had followed protocol and extended all due courtesy to the visiting leader. But he admitted there was concern in India over the Trudeau government s wooing of Sikhs in Canada as this had emboldened Khalistani elements working against India.Edited excerpts from the interview:The fact that the Canadian prime minister was welcomed at the airport by a junior minister in the Narendra Modi cabinet seems to have prompted some commentary both in the Canadian press and the Indian media that this was a snub. How do you look at it?There is no snub whatsoever by any stretch of the imagination. Prime Minister Justin Trudeau is an esteemed guest. He is on a state visit. He is here on the invitation of Prime Minister Narendra Modi and he has been accorded all due courtesy as per protocol.Not just in India but the world over the standard protocol is that a minister of state receives a head of government while it is a cabinet minister in the case of a visiting head of state. India has accorded every courtesy and gone by protocol in warmly welcoming every guest.Be that as it may is everything alright between the Indian and Canadian governments in light of Trudeau s politics and what we see happening in Canada for example the Ontario Provincial Parliament s adoption last year of a resolution terming the 1984 anti-Sikh riots in India a genocide?This relationship is important to both countries. We are both G20 countries Canada is also part of the G7. We have complementary economies we have similarities like democracy rule of law a vibrant diversity the Indian diaspora. The relationship is good. There are a number of areas where we are doing well. It is not just a one-issue relationship. The countries have invested a lot of political capital diplomatic capital It was important it is important and it continues to be important.On the other hand there is certainly concern in fact major concern in India about the nature of vote-bank politics in Canada. We are also a democracy a multi-ethnic society so we understand vote-bank politics. There is no difficulty whatsoever on the matter of the Canadian leadership cultivating segments of its own populace or in particular courting the Sikh vote within gurdwaras. This is all a part of politics in any democracy.What we are concerned about is that successive Canadian governments in general and the Liberal government headed by Trudeau in particular have gone beyond the needs of political arithmetic and have been courting or mollycoddling radical elements Khalistani elements in particular.And there are these incidents you mentioned: the Liberal government in the Ontario Provincial Parliament passing a resolution terming the 1984 riots a genocide Trudeau appearing on Khalistani platforms with Khalistani flags where known terrorists who have the blood of innocent people on their hands were eulogised. These are cause for concern because frankly Canadian soil is being used by Khalistani elements for anti-India activities.What about Canadian gurdwaras banning the entry of Indian officials in recent months? We did not see strong condemnation from anybody in the Canadian government.This is not the doing of the Canadian government but certainly radical elements have been emboldened. The great Sikh religion that is inclusive benign open to all ethnicities and communities is being hijacked by a very small section of Khalistani elements who control the gurdwaras in Canada. They not only control the gurdwaras but through that they corner a lot of the funds that devotees bring in and they misuse that money. They misuse that platform. It is for the first time that a place of worship a gurdwara is being declared out of bounds to Indian officials.The good news is that there are sober and influential Sikh voices in Canada who have distanced themselves from this approach and from that resolution. But certainly an emboldened section of Khalistani elements continues to make mischief.How do you see this play out when Trudeau meets Modi later this week?There is a shadow on the relationship. There is no doubt about it. But as I said this is not a one-issue relationship. On the matter of Khalistani elements operating out of Canadian soil we have been taking this up with our Canadian friends for a long time and at all levels. It has been taken up with Trudeau also.We would expect a friendly country to show more sensitivity to India s concerns and not allow anti-India activities or hatred and disaffection against India to be whipped up by just a few misguided elements who have made this their business because 99.9% of the Sikh diaspora is friendly towards India and considers India their cultural home. It is just a microscopic section of the diaspora that is doing what it is doing but in the last two to three years since the Liberal government came to power we find they are emboldened.In fact this small section is radicalising Sikhs and this is something we have shared with our Canadian friends too. At the end of the day if you radicalise Sikh youth who are all Canadian youth and give them unsheathed swords to brandish these are not good signs for any democracy or any liberal progressive society.In your understanding why is the approach taken by Justin Trudeau different from say his predecessor Stephen Harper?The Liberal government is courting the Sikh vote and there is no problem with this. If you look at Canadian politics the majority of Sikh votes have always gone to the Liberal Party which is seen as supportive of the community. But why this government is going beyond political needs and arithmetic is beyond me. I do not see them getting an extra bang for their buck but somehow they have decided they are also going to sup with the radicals. They give the radicals the oxygen of publicity by appearing on their platforms. They give them respectability and that emboldens them.I have served in Canada and am very fond of these wonderful people. But I do not understand why this pandering should be taking placeCanadian Prime Minister Justin Trudeau at a gurdwara in Ottawa. (Credit: Reuters)You have been quoted as saying Canada has truly been a land of opportunity for the Indian diaspora . That needs to be noted as well. And much can be done to improve trade relations between the two countries.I call it the three Es of the relationship economic energy and education.On the economic front there is a lot of scope and things are happening. Canadian pension funds are very bullish on India investing between 12 billion and 15 billion Canadian dollars. And there are large companies like Brookfield and Fairfax Holding We are negotiating a deeper more comprehensive economic partnership agreement. This should boost our trade and economic relationship.Canada is an energy superpower and we need energy. Canada can gradually become a key element for India s energy security. We are already importing uranium from Canada.Similarly education. Imagine there was a 60% increase in Indian students going to Canada in one year in 2017. And for good reason: Canada provides quality education. We also routinely give three-year work visas to scholars who have graduated from Canadian schools. And it is not one-sided.A controversy is also brewing over the Canadian prime minister reportedly deciding to not meet Punjab Chief Minister Amarinder Singh over the latter s remarks that members of Trudeau s cabinet have links with Khalistani separatists and then later extending an olive branch to Singh.The chief minister of Punjab is on record saying that it is an honour to receive the esteemed Prime Minister Justin Trudeau of Canada when he visits Amritsar. Going by media reports I read that the high commissioner of Canada was asked to go to Punjab to invite Amarinder Singh for a meeting perhaps with Trudeau. This is very much in keeping with the quality of the India-Canada relationship. We are very happy that the esteemed guest is visiting the holy city of Amritsar and the Golden Temple which is open to people of all faiths. And that is a very happy development.
NEW DELHI: The issue of Canadian government s apparent ambivalence on how to deal with Sikh extremists continued to cloud PM Justin Trudeau s ongoing visit to India. The 7-day visit the longest in recent times by a head of government seemed to be making news for all the wrong reasons with the Indian side at pains to deny that PM Narendra Modi not receiving Trudeau at the airport or not accompanying him to Ahmedabad was a snub to the visiting leader. It was Canada according to official sources which insisted that Trudeau s official engagements in Delhi take place towards the end of his India visit. Trudeau and his defence minister Harjit Sajjan sources here said finally proposed a meeting with Singh in what is being seen as an attempt to address the strong perception in India that Trudeau s Liberal government has failed to rein in pro-Khalistan elements active in Canada. Reports from Canada had earlier said that no such meeting had been sought by Canadian authorities. While Canadian diplomatic sources chose to not comment on the issue Singh himself tweeted Monday evening that he was looking forward to meeting Trudeau in Amritsar on Wednesday. I m hopeful that this meeting will help strengthen the close Indo-Canadian business ties as well as the deep-rooted people-to-people relations between our two countries he said. Official sources here confirmed that Canada was initially reluctant to have Trudeau meet Singh because the latter had last year refused to meet Sajjan calling him a Khalistani sympathiser. While Trudeau is expected to reiterate Canada s position that it fully supports a unified India India wants Trudeau to also ensure that his Sikh ministers are not seen as endorsing in any way the Khalistan movement. Another diplomatic headache for India was the perception that Canada an important supplier of uranium to India which has also backed India s NSG membership bid to the hilt was being ignored by the Indian establishment. Trudeau detractors in Canada were quick to claim that Modi had snubbed him by not receiving him at the airport and also by not accompanying him to Ahmedabad the city Trudeau visited with his family on Monday before flying to Mumbai. Official sources here said that Trudeau had been received by a Minister of State in keeping with the protocol. Really don t understand the point here as the PM didn t even receive Chinese President Xi Jinping at the airport adding that going to airport was a departure from protocol and a special gesture shown by the PM for a select few leaders. Modi has so far received only former US President Barack Obama Japanese PM Shinzo Abe Abu Dhabi Crown Prince Mohammed bin Zayed Al Nahyan Bangladesh PM Sheikh Hasina and Israeli PM Benjamin Netanyahu at the airport. While Trudeau landed in Delhi first from Canada on Saturday evening he chose to visit Taj Mahal the next day before flying to Ahmedabad and Mumbai. He will visit Amritsar on Wednesday before finally arriving in Delhi for an official reception and meeting with Modi which is scheduled for Friday. An official source here termed the itinerary as weird saying that the Indian side had repeatedly suggested that Trudeau first have his official engagements in Delhi before travelling to other cities. According to Indian authorities Trudeau and his officials had chosen on their own to visit Ahmedabad and at no stage had Modi committed himself to accompanying the Trudeau family to Ahmedabad. Reports in Canadian media highlighted how Modi had earlier accompanied Xi and also Abe and Netanyahu to Ahmedabad.
Is Justin Trudeau meeting Captain Amarinder Singh or is he not? The Punjab chief minister reportedly expressed willingness to escort the visiting Canadian prime minister on his trip to the Golden Temple in Amritsar. While the Canadian press earlier reported that Trudeau s office is not interested in meeting Captain Amarinder a vocal critic of Trudeau regime s role in aiding Khalistani resurgence later reports indicated that since Trudeau s landing in India the Canadian high commission has been involved in furious back-channel negotiations to set up the meeting. According to Abigail Bimman of Canada-based Global News Sunday evening in New Delhi a government official speaking on background confirmed the plans had changed and a meeting between Trudeau Sajjan and Singh would be requested by Canadian high commissioner Nadir Patel. The official wouldn t say what prompted the change. Indeed in a late breaking development Captain Amarinder tweeted: Look forward to meeting Canadian Prime Minister @JustinTrudeau in Amritsar on Wednesday. I m hopeful that this meeting will help strengthen the close Indo-Canadian business ties as well as the deep-rooted people-to-people relations between our two countries. Capt.Amarinder Singh (@capt_amarinder) February 19 2018 It may seem peculiar that the granular details of a high-level visit usually sorted out well before a Head of State boards the flight to host nation were left hanging even during the visit. This confusion however reflects the state of India-Canada bilateral relationship which is fallen into a state of disrepair and mistrust since Trudeau s Liberal Party came to power in 2015. The Stephen Harper-era warmth has been replaced by a chill that Trudeau and his entourage may have felt despite arriving in India at the onset of summer. If two of the strongest democracies in the world still find themselves at odds it owes largely to the disturbing course Canada s domestic politics seems to have taken. Justin Trudeau arrives in India. Twitter@VikasSwarup Members of the Trudeau Cabinet have been accused of being sympathetic to the Khalistani cause. There have been widespread concerns in India that Sikh terrorism is rearing its head again fuelled by liberal support and funds in the West. An umbrella group of the management committee of 14 gurudwaras in Canada last December barred Indian officials from visiting the shrines. The ban was soon replicated in the United Kingdom and the United States. Last April Ontario s provincial legislature carried a motion describing the 1984 anti-Sikh riots as genocide prompting an alarmed India to reject this misguided motion which is based on a limited understanding of India its constitution society ethos rule of law and the judicial process and convey to the government and political leadership in Canada that such moves are deleterious to bilateral ties. The Sikh separatist movement is getting a wide berth in Canada even among Liberal Party s rivals. Jagmeet Singh one of the rising stars in Canadian politics who belongs to the Opposition New Democratic Party (NDP) and the man behind the motion to declare 1984 a genocide is ambivalent about the role of Talwinder Singh Parmar the man behind Canada s worst terrorist attack: The 1985 Air India bombing incident. All 329 people (most of them Canadian nationals or Canadian-Indians) on board Air India Flight 182 were killed when an explosive device tore apart the plane as it approached Ireland. Jagmeet has maintained a studied silence when ever asked to condemn Parmar wrote Ushinor Majumdar in Outlook because NDP lost 59 seats in the 2015 federal elections and fell to third place nationally. The Sikh population less than two percent of Canada s total but with significant concentrations across constituencies is a real factor. To add to the wound the only Sikh immigrant who was convicted of the terrorist attack was freed last year after a jail term while two others were acquitted without punishment. To quote from Ushinor This offshore radicalism is also organically linked and bleeds right back to the narrative unfolding in Punjab. Obviously the Khalistan movement is a hot button issue in India that sits at the crossroads of secessionism radicalism and terrorism evoking ghosts of the past and anxieties of present. Though the official Canadian position is to reinforce India s unity and integrity it has frequently been belied by key members of Trudeau s party and the government. Canadian defence minister Harjit Sajjan and Infrastructure Minister Amarjeet Sohi (both of whom are part of the touring delegation) have been accused of being complicit in the rise of Sikh radicalism which they both deny. Trudeau s initial decision to avoid a meeting with Captain Amarinder was based on reports that the Punjab chief minister has called the Canadian defence minister a Khalistan sympathiser . Some Canadian lawmakers dismiss this as an Indian media-fuelled controversy but it is hard to take such a position when Sohi a minister in Trudeau Cabinet stated on the record: If some people believe in the support or the movement of Khalistan they re entitled to do so as long as they do that in a peaceful way. Trudeau himself courted controversy by repeatedly appearing in political events where Sikh radicals have been feted or glorified. For instance India had to issue another stern rebuke against the Canadian government when Trudeau attended Khalsa Day a Sikh community event in Toronto on 30 April. The Canadian prime minister reportedly addressed a parade at the rally that glorified Sikh militant leaders Jarnail Singh Bhindranwale Amreek Singh and former General Shahbeg Singh who were killed during Operation Blue Star in 1984. A former diplomat was quoted as saying by Suhasini Haider in The Hindu this is an issue we will have to grapple with not just in the provinces but in the House of Commons where many of these Sikh separatist groups believe they now have a sympathetic ear. This presents a challenge for bilateral ties which the Trudeau regime seems unwilling to meet even halfway. There are increasing indications however that Trudeau doesn t even want to meet the challenges. The reason is complicated and takes us to the heart of Canadian politics where the 1.4 million-strong Sikh community in Toronto and Vancouver has emerged as a powerful vote-bank . The Trudeau regime claims to interpret the demand for Khalistan which has evolved from a human rights movement against the 1984 anti-Sikh riots to a full-fledged politico-radical movement for secessionism as the freedom of expression issue of a vocal minority. Such a position may have passed muster in a world innocent of terror not any more. A movement that seeks political solution through terror cannot be cast within the paradigm of freedom of expression . It not only goes against One India policy but is also at odds with New Delhi s stated position on terror. It seems Trudeau or his ministers are unable to take an unambiguous clear position against terrorism. Under normal circumstances this would be interpreted as bad policy that runs the risk of further damaging bilateral ties. For Trudeau though such a position may reap rich electoral dividends and it seems likely that instead of virtue-signalling on freedom of expression Trudeau s position on Khalistan is a cynically calculated stand designed to garner votes from an influential community. Canadian media quoted Vivek Dehejia associate professor at Carleton University and IDFC http://kfckk.qowap.com/11134894/kfc-offers-in-shopozo Institute resident fellow as saying I think to be fair there is sometimes a feeling that some Sikh-Canadian politicians maybe are playing to a Khalistani gallery back here in Canada It helps to win votes in that particular community and those kinds of statements aren t helpful frankly because India doesn t take kindly to appearing to condone a separatist movement. Suddenly the controversies that surround Trudeau s visit to India where he has been accorded just one official day for bilateral engagements in a seven-day trip make sense. Trudeau might not be successful in striking a Free-Trade Agreement sorting out the long-pending Comprehensive Economic Partnership Agreement (CEPA) or the Foreign Investment Promotion and Protection Agreement (FIPA) with India. What he may ensure however is a bagful of votes back home even if he suffers a royal snub on tour.
BENGALURU: Walmart s investment negotiations with Flipkart include a proposal to open a chain of retail stores in India according to an investment banker familiar with the developments which could finally allow the companies to realise their long-harboured ambitions. The US-based retail giant is negotiating to buy more than a 30% stake in India s largest online marketplace as it seeks to open another global front in its battle against Amazon. Walmart however is likely to get only a 20% stake because of objections from Flipkart s newest investor SoftBank which holds a 20.8% stake in the Indian company according to other people privy to the negotiations. Flipkart has been trying to foray into offline stores for a long time and has been looking for the right partner the investment banker said requesting anonymity and declining to disclose more details. Walmart cannot directly open retail stores in India because of restrictions on overseas investments in multi-brand retail. It runs wholesale operations instead. As for Flipkart which needs more than just capital muscle to take on the heavily funded Amazon in India ET reported this week that the online marketplace was in the fray to buy retail chain Vishal Mega Mart from TPG and Shriram Group. Spokespersons for Flipkart Walmart and SoftBank all declined to comment. Retail industry experts said a partnership between Flipkart and Walmart would boost the online retail business of the former and grocery and consumer goods business for the latter. Walmart already has a presence in India via its business-to-business arm with 21 Best Price Modern Wholesale stores. If Walmart s negotiations with Flipkart materialise purchases of grocery and consumer goods on Flipkart could be handled also via Walmart s wholesale stores improving product availability and delivery speed for the online retailer. And a retail store partnership would allow Flipkart s customers to order online and pick up their purchases from the stores said the industry experts. Walmart may have to establish a marketplace seller (akin to WS Retail) that can sell consumer goods via Flipkart one of them said. Walmart had previously partnered with Bharti Enterprises to manoeuvre around India s foreign direct investment rules but ended the partnership in 2013. The retailer steered clear of any Indian partnerships until 2016 when it began investment discussions with Flipkart. The talks didn t materialise. Walmart s current negotiations with Flipkart are expected to mirror the schematics of its investment in JD.com under which the Tencent-backed Chinese company s management then wasn t disturbed. The Walmart-Tencent alliance is now playing out in India as part of a global alliance to counter Amazon which has committed to invest 5 billion in its core India marketplace. New York-based Tiger Global Management an early investor in Flipkart was the biggest early backer of JD.com as well. WeChat owner Tencent led a 1.4-billion investment in Flipkart along with Microsoft and eBay in April. SoftBank invested 2.5 billion in August and discussions with Walmart for a potential investment in Flipkart was a part of its 100-day plan during its initial strategy meeting a source said. Walmart will get board seats on Flipkart for its global ecommerce CEO (Marc Lore) and international CEO (Judith McKenna) and not touch the existing management team said one of the persons cited above. Primaries (sale of new shares) are expected to value Flipkart at around 20 billion and secondaries (shares sales from existing investors) at a lower valuation said another person privy to the negotiations.
HYDERABAD: Union Electronics and Information Technology Minister Ravi Shankar Prasad on Monday said his ministry is working in mission mode to make India s digital sector 1 trillion economy in next five years. This has potential to create 60 lakh to 75 lakh new jobs he told reporters on the sidelines of World Congress on Information Technology (WCIT) 2018 which began here on Monday. Dispelling the apprehension that new technologies will displace jobs he said that if a new technology displaces 10 jobs it creates 100 new jobs. The minister recalled that during 1980s when computer was introduced in India there was strong opposition to it due to the apprehension that it will kill jobs but it proved to be the biggest job creator. Prasad believes that the technology has unique attribute of empowering people and creating jobs. He assured people that new technologies like Artificial Intelligence blockchain Internet of Things and Robotics would further empower India and create new jobs. Earlier addressing the inaugural session of the Congress he said the new technologies will take time to adjust and the government NASSCOM private sector and academia have to ensure that the stakeholders are not made uncomfortable in the transition. We have to take extra care because once of power of technology is recognized it will have smooth sailing. The transition period must be handled carefully he said. Hailing NASSCOM s initiative to upskill existing workforce and also skill potential employees he said this could address the consequences in the pace of acquisition of new technologies. Stating that new technologies will bring in new challenges while creating new opportunities he said ethical and regulatory issues have to be addressed. Referring to the huge number of mobile phones smart phones Internet penetration and unique verifiable digital identity in the share of Aadhar he said that India s digital story is finding resonance globally and digital companies are coming to India in a big way. He said the government through projects like Digital India Make in India Skill India and Startup India was seeking to empower ordinary Indians with technology which is affordable and inclusive. The real vision of Digital India is bridging the digital divide and empower ordinary Indians through digital delivery of services he added.

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