Brands
Videocon bags National Energy Conservation Award 2016
MUMBAI: Videocon, the leading consumer electronic and home appliances company, today added another feather to its cap by winning the first prize for Best Manufacturer of BEE Star Labelled Appliances, in the Air Conditioner category, at the National Energy Conservation Award – 2016. This is the second time in a row that the brand has been awarded the most energy efficient brand. Last year during the award ceremony, Videocon bagged the first prize for the refrigerator category. The award aims at giving national recognition to companies who have made significant contributions in creating awareness towards and production of energy efficient appliances.
Highlighting Videocon’s energy efficient products and practices Videocon Chief Manufacturing and Procurement Officer Abhijit Kotnis said, “It is a moment of pride for all of us at Videocon. We have always worked towards creating high quality and energy efficient Air Conditioners, and it seems that our focus on high-end products has paid off. Videocon extends its sincere appreciation towards the trust of its customers. The award surely would not have been possible without the hard work that the team at Videocon has put in.”
“We are truly honoured to receive the National Energy Conservation Award for the second time in a row. As a responsible Indian manufacturer, we understand the importance of conserving energy for a brighter and better tomorrow, and that is exactly what this award also encourages us all to do. It is our endeavour to achieve the highest energy standards for our products and for that we relentlessly adhere to best practices. Videocon’s focus is always on the high-end products, and hence products like the BEE-certified 5 star range of Air Conditioners will always remain on of the brand’s key strengths,” Videocon Head of Technology and Innovation Akshay Dhoot.
Organised by the Bureau of Energy Efficiency, the award ceremony was held in the capital on the occasion of National Energy Conservation Day. Minister of State (I/C) for Power, Coal, New and Renewable energy & mines, Shri Piyush Goyal presented the awards to all the winners. The award is presented annually by the ministry of power, Government of India.
Brands
Flipkart completes reverse flip to India ahead of IPO
Walmart-owned e-commerce giant shifts domicile from Singapore to Bengaluru
MUMBAI: Flipkart has completed its restructuring to move its parent company from Singapore back to India, marking a key milestone as the Walmart-owned marketplace prepares for a potential initial public offering on Indian stock exchanges, ET reported, citing people aware of the matter.
The move, often referred to as a “reverse flip”, relocates the company’s legal home to India and aligns its corporate structure more closely with its largest market. It also clears an important regulatory step for Flipkart as it explores listing plans.
As part of the restructuring, several Singapore-based entities have been merged into Flipkart Internet Private Limited, which will now serve as the main holding company for the entire group.
The consolidation brings a number of major businesses directly under the Indian parent company. These include fashion platform Myntra, logistics arm Ekart, travel booking platform Cleartrip, healthcare marketplace Flipkart Health, and fintech venture Super.money.
Under the new structure, global investors including Walmart, Microsoft, SoftBank, and the Canada Pension Plan Investment Board will hold their stakes directly in the Indian entity rather than through an overseas holding company.
The redomiciliation required approval from the Indian government because Chinese technology company Tencent owns around a 5 to 6 per cent stake in Flipkart. Under Press Note 3, investments from countries sharing a land border with India require prior government clearance.
Flipkart had already secured approval from the National Company Law Tribunal in December. With the latest clearance from the central government, the company has now obtained all the regulatory approvals needed to complete the relocation, ET reported earlier.
Flipkart had originally shifted its holding structure to Singapore in 2011 to tap global capital more easily. However, as India’s capital markets have matured, several start-ups have begun returning their domiciles to the country ahead of public listings. Companies such as Razorpay, Groww, and Meesho have taken similar steps.
The company is now expected to move ahead with its IPO preparations and has begun early discussions with merchant bankers. According to people familiar with the matter, Flipkart could file its draft prospectus later this year, setting the stage for what may become one of the most closely watched listings in India’s e-commerce sector.
Flipkart has been majority-owned by Walmart since 2018, when the US retail giant acquired a 77 per cent stake in the company for $16 billion in one of the largest e-commerce deals globally.
