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CCI approves Flipkart-Walmart deal

Flipkart Cmn

The Competition Commission of India (CCI) has approved Walmart’s proposed $16 billion acquisition of a majority stake in online marketplace Flipkart, despite protests from traders across the country over fears that the acquisition would drive several small retailers out of business. The anti-trust regulator's nod has cleared the way for the biggest acquisitions in the country. The CCI confirmed its nod in a tweet yesterday. https://twitter.com/CCI_India/status/1027188592462848001 Traders' bodies protested the deal, wrote to CCI Earlier in May, traders body Confederation of Indian Traders (CAIT) filed a petition with the CCI objecting to the $16 billion Walmart-Flipkart deal. CAIT represents 7 crore traders across India. In a statement, CAIT had said that it objected the merger of two companies in the petition and said that Walmart will create an unfair competition, uneven the existing level playing field and will indulge in…

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