New Delhi: The National Company Law Tribunal (NCLT) has approved the merger of eight Flipkart entities, taking the e-commerce major a step closer to obtaining an Indian domicile ahead of its potential public listing.
The tribunal has sanctioned the Scheme of Amalgamation involving eight Singapore-incorporated transferor companies merging into Flipkart Internet Private Limited, the Bengaluru-based operational arm.
Flipkart will now require approval from the Singapore court before the matter is taken up by the Registrar of Companies (RoC).
According to sources, this approval is also contingent on clearance under Press Note 3, which mandates government approval for investments originating from countries sharing a land border with India.
This major corporate restructuring, detailed in a 66-page order, marks a significant milestone for the Walmart-owned group and moves it closer to launching a long-anticipated initial public offering (IPO) in India.
The eight Singapore-based companies — Flipkart Health Private Limited, Quickroutes International Private Limited, Flipkart Marketplace Private Limited, FK Myntra Holdings Private Limited, Flipkart Investments Private Limited, Klick2Shop Logistics Services International Private Limited, Flippay Private Limited, and Flipkart Private Limited — will merge their entire businesses and shareholdings into Flipkart Internet Private Limited.