MAM
Goafest 2012 to focus on ‘Magic of Ideas’
MUMBAI: The theme of Goafest 2012, to be held on 19-21 April, will be ‘Magic of ideas.‘
In line with the overall festival theme, Goafest 2012 Conclave is themed ‘Ideas for impacting the full circle‘.
Also, some changes are introduced this year, one of them being that for the first time it will encompass the geographical area of the entire South Asian region.
Goafest Committee chairman Arvind Sharma said, “This year, it will be an advertising festival for all in South Asia. We are calling everyone involved in creating ideas from countries across South Asia- Pakistan, Bangladesh, Sri Lanka and Nepal – as delegates as well as award entrants.”
Held at the Zuri White Sands in South Goa, the organisers will be holding road shows in countries across South Asia to promote the festival in these markets.
Advertising Agencies Association of India (AAAI) president Nagesh Alai said, “We have received a very positive response from countries in South Asia. We are looking forward to our road shows to promote the festival in these markets. All South Asian agencies will participate in the main awards show. However, there will also be ‘The best of rest of South Asia‘ in each of the verticals.”
The 2012 edition of the advertising world jamboree is looking at strong client participation. Beyond the Conclave, senior clients are expected to be an integral part of the knowledge seminars.
The Goafest Committee is also looking to attract young client delegates in large numbers. It is offering a special package for under-30 marketers. “We‘re confident that well over 50 major client organisations will take part in the festival this year,” averred Sharma.
Following the trend of the past, this year too AAAI and Ad Club Bombay will be working together in partnership for the fifth year to deliver awards to celebrate creativity.
The Advertising Club Bombay president and chairman of the Awards Governing Council, the joint Advertising Agencies Association of India and Advertising Club Bombay body that runs the awards, Shashi Sinha said, “Last year‘s awards were well received by the industry. The Awards Governing Council will follow the same tight processes with some fine tuning in 2012.”
Over the years, specialist areas like Out of Home, Ambient, Design, Interactive Digital Advertising, Direct, and Integrated Advertising have been growing in importance. In recognition of this phenomenon, in 2012 Abbies at Goafest will have a provision for Grand Prix in all the nine verticals.
It may be recalled that last year Grand Prix were given only in Film, Print and Radio verticals. This year Grand Prix is also being introduced in media awards.
In 2011, over 140 agencies sent entries for Abbies at Goafest. A large number of these were specialist agencies. “Abbies are open to all those who create ideas. They do not have to be Advertising Agencies Association of India or Ad Club members,” Sharma observed.
Consistent with its growing importance, digital will find a place of pride at Goafest 2012. Digital Awards will be held on 20 April as will Media Awards. Design, Direct Awards will also be held on the same day, while the rest of the Creative will be held on 21 April.
Throwing light on the novelty of this year‘s do, Sharma said, “We have made the festival more inclusive and professional from the previous installments. Also, we have worked on tightening the jury process of the awards after taking into consideration the industry‘s feedback from last year‘s awards.”
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.
