MAM
Red Bull, du extend partnership for Abu Dhabi GP
MUMBAI: Red Bull Racing has announced that du, the provider of superfast LTE 4G mobile broadband in the UAE, will continue as a race partner for the Abu Dhabi Grand Prix for 2012 and 2013. The telecom company already partnered the team at this event in 2010 and 2011.
As part of the agreement, du‘s logo will appear on Red Bull Racing‘s Formula One cars, the overalls worn by Sebastian Vettel and Mark Webber and the race shirts of Christian Horner and Adrian Newey. To celebrate the partnership, du has also launched a range of competitions around the event, with prizes including a chance to meet current World Champion, Sebastian Vettel.
du chief commercial officer Farid Faraidooni said, “As the provider of superfast LTE 4G mobile broadband, it makes perfect sense for us to renew our partnership with Red Bull Racing. Our customers can now not only enjoy breathtaking mobile broadband speeds, but the fastest racing experience on the planet.”
Red Bull Racing Team Principal Christian Horner said, “We are very pleased to have once again come together with du and the team is delighted to feature du‘s logo at the Formula One Etihad Airways Abu Dhabi Grand Prix for this year and next.”
Those attending the Yas Marina Circuit this weekend will be able to enjoy a fully interactive experience, as the telecom company will implement thrilling ground activities to emulate the speed of its LTE 4G mobile broadband network.
F1 and music fans will also have the chance to see three of the world‘s biggest celebrities – Kylie, Eminem and Nickelback – in the du Arena, as they perform for the after-race concerts. du will provide a unique experience in its concert venue, the du Friends Lounge, both before and during the performances.
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.
