Walmart-owned e-commerce major Flipkart has completed the process of shifting its holding company domicile from Singapore back to India. This moves comes amid as a key structural step with the company moves closer to a potential domestic public listing. According to a source at Flipkart, the company has received Government of India’s approval for its internal restructuring, pursuant to which Flipkart Internet Private Limited is now the holding entity of the Flipkart group. The restructuring aligns Flipkart’s corporate domicile with its India-focused operations.
The restructuring aligns Flipkart’s corporate domicile with its India-focused operations and removes a key structural hurdle for companies incorporated overseas seeking to list on domestic stock exchanges.
“Flipkart has received Government of India approval for its internal restructuring, pursuant to which Flipkart Internet Private Limited is now the holding entity of the Flipkart group," a Flipkart spokesperson said.
"This completes the domiciliation of the Flipkart group to India, a significant milestone that reflects our deep and long-term commitment to India. We are grateful to the Government of India for its support and look forward to the next phase of Flipkart’s growth as a fully Indian-domiciled company,” the spokesperson added.
Flipkart has already begun preliminary discussions with several investment banks, including Goldman Sachs, Morgan Stanley, JP Morgan and Kotak Mahindra Capital, to explore a public listing in India, though the process remains at an early stage.
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