MAM
Paritosh Joshi joins India TV as strategist
MUMBAI: News broadcaster India TV has appointed Paritosh Joshi as strategist and will be responsible for its revenue and business development.
Joshi‘s earlier stint was as CEO of Star CJ Network India, a joint venture between Star Group and CJ O Shopping of South Korea. He resigned from the post in April 2012.
In his new role, Joshi will be primarily responsible for optimising and leading the revenue function of India TV‘s existing businesses. He will also look at the company‘s business development for future ventures.
Apart from working with the management at the strategic level, as a mentor Joshi will also actively connect and engage India TV‘s business teams including sales, new media and brand.
India TV MD and CEO Ritu Dhawan said, “Immensely experienced Paritosh will be a tremendous resource in formulating the strategy for our new, ready to roll business plans. While we look forward to his contribution in taking Independent News service to the next level, we feel delighted in welcoming Paritosh on the team. With his outstanding record, we are confident that he will be making most significant contributions in increasing our lead over competition as the most profitable media company.”
Joshi said, “I have had the pleasure of knowing Mr. Rajat Sharma as a senior industry colleague and fellow IBF Board member for the last six years and we have had many lively conversations on the television business. It is from such a conversation earlier this year that the idea of this engagement began. With a solid revenue engine already in place supported by a talented sales team, India TV is poised for even bigger achievements. It is a privilege to be invited to participate in this exciting journey and I look forward to a stimulating, inspiring assignment.”
Joshi has 27 years corporate experience. He has worked in sectors like FMCG ( P&G, ITC , the Maharaja Organisation) and media (Business Standard and STAR, Advertising). He has also worked briefly at Lintas, Commodity Futures and Industrial Perfumery at Quest International.
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.
