New Delhi : The Competition Commission (CCI) on Wednesday said it has cleared US retail giant Walmart’s proposed acquisition of Flipkart, a deal estimated to be worth $16 billion.
The approval comes less than three months after the announcement of the mega deal, which is also being opposed by various trader organisations. “@CCI_India approves proposed acquisition of Flipkart Pvt Ltd by Wal-Mart International Holdings,” the regulator said in a tweet. Welcoming the regulator’s decision, Walmart said it remains committed to contributing to the Indian economy by supporting smallholder farmers, manufacturers, and its Kirana customers.
Traders’ body CAIT described as ‘most unfortunate’ the CCI’s move to clear the Walmart-Flipkart deal and said it will approach the court against the decision.
“We deeply condemn such an attitude and will certainly move the court against the decision of CCI. CAIT has called an emergency meeting of its governing council on August 19 at Nagpur to take stock of the situation and finalise strategy for a nationwide movement,” CAIT Secretary General Praveen Khandelwal said.
