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Retail giant Walmart gets $1 billion tax bill for PhonePe shift to India

Walmart Inc. and other PhonePe shareholders will have to pay nearly $1 billion in tax after the digital payments company shifted its headquarters to India, according to people familiar with the matter. The bill stems from the relocation and rise in value of PhonePe Pvt, which Walmart took majority ownership of after acquiring parent outfit Flipkart Online Services Pvt. Now separated from Flipkart and re-domiciled from Singapore to India, the fintech firm is raising funds at a $12 billion premoney valuation from General Atlantic, Qatar Investment Authority and others, triggering the hefty charge, the people said, declining to be named discussing a private matter.

Major setback for Google as NCLAT refuses interim stay on CCI order

In a big setback for Google, the national company law appellate tribunal (NCLAT) on Wednesday refused to grant an interim stay on the order of Competition Commission of India (CCI) directing the tech giant to change its business model in India. While admitting Google’s appeal, NCLAT has asked Google to deposit 10 per cent of the penalty amount of Rs 1,330 crore levied by the CCI, thereby granting some relief on the monetary front. The next hearing on the matter is scheduled for April 3.

Shapoorji Pallonji's housing platform to invest Rs 750 cr on new project

Business conglomerate Shapoorji Pallonji's housing platform Joyville will invest around Rs 750 crore to develop a new housing project in Pune. The company will develop nearly 1,350 housing units, including duplexes and penthouses, in this new 9-acre project with an estimated sales revenue of over Rs 1,000 crore.

Byju's founder raising funds to buy back as much as 15% of firm: Report

Byju Raveendran, the founder of the world’s most valuable edtech startup Byju’s, is in financing talks to lift his stake in the company to as high as 40 per cent, people familiar with the matter said. The former teacher is seeking funding to finance the stake repurchases — which could amount to as much as 15% of the firm — by using his shares as collateral, according to the people. Byju’s was valued at $22 billion the last time it raised funds, though the buyback may happen at a lower valuation, the people said, asking not to be named discussing private negotiations.

Promoters unwilling to infuse capital in Vi, govt stake unviable: Report

The promoters of Vodafone Idea (Vi) are not willing to infuse more capital and it is making it unviable for the government to convert the accrued interest on deferred adjusted gross revenue (AGR) dues into equity. The promoters are willing to infuse Rs 2,000-3,000 crore but it is too less to revive the company.

NARCL emerges as the highest bidder for SREI with NPV of Rs 5,555 cr

National Asset Reconstruction Company Ltd (NARCL) emerged as the highest bidder in the auction for two finance companies - Srei Infrastructure Finance and Srei Equipment Finance – which began on Tuesday. NARCL's bid was the highest with a Net Present Value (NPV) of Rs 5,555 crore. In the final lap, there were just two bidders in the fray - NARCL, and Authum with an NPV of Rs 5,526 crore.

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