Wal-Mart's India unit seeks equity conversion date extension with Cedar

Wal-Mart Stores Inc's India unit has sought an extension of its equity conversion date in Cedar Support Services, the parent firm of Bharti Retail, its joint venture partner in India

FP Archives|Dec 20, 2014, 23:18:52 IST

Mumbai: Wal-Mart Stores Inc's India unit has sought an extension of its equity conversion date in Cedar Support Services, the parent firm of Bharti Retail, its joint venture partner in India.

[caption id="attachment_1142949" align="alignleft" width="380"] Walmart logo. Reuters image[/caption]

Wal-Mart had invested $100 million in 2010 in Cedar in exchange for "compulsorily convertible debentures" that can be exchanged for 49 percent in Cedar. The conversion deadline has been extended twice previously, most recently to September 30.

A Wal-Mart India spokeswoman told Reuters on Monday that the company had filed to extend the conversion date again.

Wal-Mart, the world's largest retailer, has yet to apply to open its own retail stores in India despite a rule change last year allowing global retailers to own 51 percent of their Indian operations.

Brent crude flirts with $100, reigniting inflation and forex concerns for India

Experts say a prolonged rally above $100 per barrel is unlikely, but sustained high oil prices could push up inflation, widen the current account deficit and pressure the rupee.

2 min read

Can a record May offset a shrunk international schedule and help IndiGo turn a profit?

Record domestic market share boosts operating performance, but forex losses, rising oil prices and geopolitical disruptions could weigh on IndiGo's bottom line.

3 min read

China has dominated Myanmar’s rare earth mines — now India eyes deal to harness country’s critical minerals

India is deepening rare earth cooperation with Myanmar as New Delhi seeks alternative sources of critical minerals dominated by China, including dysprosium and terbium used in EVs, defence systems and clean energy technologies

6 min read

JPMorgan to hire 1,000 technology professionals for India GCCs amid AI-led transformation

Wall Street banking giant to expand hiring across cloud, cybersecurity and AI data pipeline roles as it strengthens its India Global Capability Centres despite AI-driven workforce optimisation.

1 min read

BOJ seen raising interest rates by December as weak yen fuels inflation risks

Majority of economists expect Japan's central bank to deliver a 25-basis-point rate hike by year-end, with further policy tightening likely through 2027.