Flipkart deal in line with FDI policy: Walmart

Flipkart deal in line with FDI policy: Walmart

FPJ BureauUpdated: Wednesday, May 29, 2019, 08:06 AM IST
article-image

New Delhi : US retail giant Walmart on Monday defended its move to acquire Flipkart, saying it is in line with the government’s FDI policy, amid protests by traders against the deal.

The acquisition will boost manufacturing in India by providing thousands of local suppliers’ access to consumers through the marketplace model, the company said. The Confederation of All India Traders (CAIT), a body of traders, on Monday organised mass protests in different parts of the country against the Walmart-Flipkart deal. CAIT has been demanding the government to scrap the deal and constitute a regulatory authority to regulate and monitor the country’s e-commerce market.

“This partnership (with Flipkart) will support SME suppliers, farmers in the country to get access to the market through this platform and boost local manufacturing in India,” Walmart said. The company further said, “We believe the combined capabilities of Flipkart and Walmart will create India’s leading e-commerce platform.”

RECENT STORIES

Game-Changing Alliance: Ambani's Reliance Ventures Into Adani's Power For The First Time; Acquires...

Game-Changing Alliance: Ambani's Reliance Ventures Into Adani's Power For The First Time; Acquires...

SRM Contractors IPO Subscribed 86.57 Times On Last Day Of Bidding

SRM Contractors IPO Subscribed 86.57 Times On Last Day Of Bidding

Tax-Saving Tip From Zerodha CEO Nithin Kamath: 'If You're Married And Hindu..."; Here's How To Save...

Tax-Saving Tip From Zerodha CEO Nithin Kamath: 'If You're Married And Hindu...

Holy Cities Like Ayodhya, Varanasi Attracting Big Retail Brands: Report

Holy Cities Like Ayodhya, Varanasi Attracting Big Retail Brands: Report

A Big Relief For Byju's: NCLT Rejects Investor Plea To Stay Byju's Rights Issue EGM On March 29 Amid...

A Big Relief For Byju's: NCLT Rejects Investor Plea To Stay Byju's Rights Issue EGM On March 29 Amid...