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India: Competition Commission clears Walmart-Flipkart deal

By  |  August 8, 2018

The Competition Commission of India (CCI) on Wednesday, August 8, announced it has approved Walmart’s proposed acquisition of Flipkart.

In May, Walmart announced its acquisition of 77% stake of Flipkart in its biggest takeover till date.

The deal values the 11-year old Indian e-commerce firm at US$20.8 billion.

“@CCI_India approves proposed acquisition of Flipkart Private Limited by Wal-Mart International Holdings, Inc,” the regulator wrote in a tweet.

The company had been facing opposition to its US$16 billion proposal to acquire Flipkart from shopkeepers and traders affiliated with the Confederation of All India Traders, kicking off protests around the country.

Full Content: NDTV

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