AAR Ruling on Tiger Global’s Exit in Flipkart, Wal-Mart deal could impact PE exits

Wal-Mart acquired controlling stake in Indian online retail leader Flipkart in 2018 and Tiger Global’s Mauritian arm sold its stake to Luxembourg based entity. However, Tiger Global managed to get exemption on taxes under India-Mauritius double tax avoidance treaty. Now, the Authority on Advanced Ruling in India has passed an order on the deal and Tiger Global could be in for tax trouble.