MAM
Mexican Olympic team taps Budweiser for sponsorship
MUMBAI: Beer brand Budweiser and the Mexican Olympic Committee have announced the brand’s sponsorship of Mexico’s Olympic Team. The partnership provides the country’s Olympic hopefuls with valuable financial support to help with training for the upcoming 2006 Olympic Winter Games in Torino and 2008 Olympic Games in Beijing.
Anheuser-Busch VP global media and sports marketing Tony Ponturo said, “As the world’s premier sporting event, the Olympic Games create an incredible source of national pride and provide Mexico’s athletes with the perfect opportunity to showcase their talents to a global audience. Budweiser is proud to be a partner in the Mexican Olympic Committee’s efforts to develop their country’s best athletes and help each Olympic hopeful go for the gold.”
The sponsorship agreement provides Budweiser with the use of Mexican Olympic Team logos and trademarks for use in advertising, point-of-sale
materials and promotional activities. Olimpico Mexicano president Felipe Munoz Kapamas says, “Training for the Olympic Games is an everyday job athletes take very seriously. Without the incredible support of sponsors like Budweiser, athletes would not have the resources to properly train for the Olympic Games. We look forward to working with Budweiser and toasting the success of our teams for years to come.”
The Mexican Olympic Team earned four medals during the 2004 Olympic Games in Athens, Greece.
Budweiser’s sponsorship of Mexico’s Olympic Team represents the brand’s on-going commitment to the Olympic Movement worldwide. More than 30 National
Olympic Committees are sponsored by Anheuser-Busch including the US and China.
Ponturo adds, “As a leading international brewer, Anheuser-Busch supports high-quality sporting events around the world. “Our association with the Olympic Games allows Budweiser to reach millions of adult beer drinkers in key international markets through a global television audience, on-site exposure
and sponsorships of national Olympic Teams.”
Budweiser has been an Olympic supporter since the 1984 Olympic Games in Los Angeles. In addition, the brand is the official beer sponsor of the 2006
Olympic Winter Games in Torino and the official international beer sponsor of the 2008 Olympic Games in Beijing.
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.
