Politics

Congress President Sonia Gandhi To Travel Abroad For Medical Check-Up Along With Rahul, Priyanka

Congress

Congress president Sonia Gandhi will also visit her ailing mother before she returns to Delhi, he added.
Earlier on Tuesday, Congress president Sonia Gandhi met the newly elected President of India Droupadi Murmu at the Rashtrapati Bhavan in Delhi.

New Delhi: Congress General Secretary in charge Jairam Ramesh on Wednesday said that the partyโ€™s interim president Sonia Gandhi will be traveling abroad for her medical check-up along with Rahul Gandhi and Priyanka Gandhi Vadra.

โ€œCongress President Sonia Gandhi, along with Rahul Gandhi and Priyanka Gandhi Vadra, will be traveling abroad for medical check-ups. Party MP Rahul Gandhi will address the โ€˜Mehangai Par Halla Bolโ€™ rally in Delhi on September 4,โ€ Ramesh said in a statement. Party MP Rahul Gandhi will address the โ€˜Mehangai Par Halla Bolโ€™ rally in Delhi on September 4.

Congress president Sonia Gandhi will also visit her ailing mother before she returns to Delhi, he added.
Earlier on Tuesday, Congress president Sonia Gandhi met the newly elected President of India Droupadi Murmu at the Rashtrapati Bhavan in Delhi.

Also Read: Ahead of Bihar Trust Vote, CBI Raids RJD leaders

Sonia Gandhi paid a visit to President Murmu amidst the ongoing internal differences in the Congress party.
Recently, Congress senior leader Anand Sharma announced his resignation from the chairmanship of the partyโ€™s steering committee for the state, saying he was left with no choice after the continuing exclusion and insults.

Meanwhile, the AICC in charge of Himachal Pradesh, Rajeev Shukla was sent to pacify him. After he met with Anand Sharma, Shukla traveled to Delhi to meet Sonia Gandhi.
Reportedly, Sonia Gandhi recently tested positive for Covid-19.

(Except for the headline, this story has not been edited by HW News staff and is published from a syndicated feed.)

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SoftBank undecided on exiting Flipkart

News Desk

New Delhi: Japanโ€™s SoftBank Group Corp has not yet decided to sell its 20-22 per cent stake in Flipkart to US retailer Walmart Inc, sources with direct knowledge of the development said.

SoftBankโ€™s Masayoshi Son will take a call in the next 7-10 days on whether to exit Indiaโ€™s biggest online retailer or say invested for some more time, they said.

Walmart had on Wednesday announced that it will pay about USD 16 billion to buy 77 per cent stake in Flipkart.

A statement issued by Walmart that day identified Flipkart co-founder Binny Bansal, Tencent Holdings Ltd, Tiger Global Management LLC and Microsoft Corp as the investors who would hold the remaining 23 per cent, implying SoftBank had agreed to sell its 20-22 per cent stake.

Sources, however, said SoftBank is yet to take a call on exiting Flipkart.

The factors that hold key to the decision include the tax SoftBank has to pay on profits it would earn from such share sale.

SoftBank had invested USD 2.5 billion in Flipkart and exiting the company would fetch it up to USD 4.5 billion. The USD 2 billion profit would be taxed as per Indian law.

Since the profit is made from shares that were held for more than two years, it would attract a long-term capital gains tax of 20 per cent plus surcharge and education cess, effectively wiping away a fourth of the profit.

Other deciding factors would be Sonโ€™s relationship with Walmart and that SoftBank likes to be a long-term investor, sources said, adding the Japanese conglomerate is very bullish on India and sees immense opportunities for growth of investment.

When contacted, a SoftBank spokesperson declined to comment.

Sources said Walmart had indeed courted SoftBank for buying its shares but the Japanese group has not yet taken a final call on the issue.

On May 9, hours before Walmart was scheduled to announce the Flipkart acquisition, SoftBank chief executive Masayoshi Son told an investor call on his companyโ€™s earnings that Walmart had agreed to buy a controlling stake in the Indian e-commerce company.

โ€œLast night, (they) reached a final agreement and it was decided that Flipkart will be sold to Americaโ€™s Walmart,โ€ Son had stated in Tokyo, according to an AFP report.

He had gone on to state that the USD 2.5 billion that the Japanese company through its Vision Fund had invested in Flipkart was worth about USD 4 billion in the deal.

He had not clearly stated if SoftBank had agreed to sell the stake at such valuations.

In case SoftBank decides not to sell, Walmart would be left with about 55 per cent of Flipkart.

On Wednesday, all significant shareholders in Flipkart like Naspers, venture fund Accel Partners and eBay had confirmed they were selling their shares to Walmart.

South African internet and entertainment firm Naspers, which had invested USD 616 million in Flipkart in August 2012, sold its entire 11.18 per cent stake in the company to Walmart for USD 2.2 billion. eBay said it is selling its stake in Flipkart for about USD 1.1 billion

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