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Flipkart deal to ramp up Walmart's sourcing from India
07 Jun '18
1 min read
The Flipkart deal will ramp up Walmart’s global sourcing of apparel and accessories from India, according to Judith McKenna, the latter’s international CEO, who sees a lot of headroom for growth in the under-penetrated Indian e-commerce market. Flipkart’s operating structure will remain the same and Walmart will increase funding when necessary, she said.
Walmart is fully cooperating with Indian regulatory agencies and is confident of receiving the nod for the Flipkart deal, McKenna told CNBC TV18.
Walmart agreed to buy roughly 77 per cent stake in Indian e-commerce company Flipkart last month for $16 billion.
Flipkart’s board composition will be announced after clearances from the Competition Commission of India (CCI) are received, she said.
Walmart is fully cooperating with Indian regulatory agencies and is confident of receiving the nod for the Flipkart deal, McKenna told CNBC TV18.
Walmart agreed to buy roughly 77 per cent stake in Indian e-commerce company Flipkart last month for $16 billion.
Flipkart’s board composition will be announced after clearances from the Competition Commission of India (CCI) are received, she said.
Walmart will amplify efforts on agriculture produce, start investing in cold storage and scale up farm sector pilots, said Krish Iyer, CEO of Walmart India. (DS)
Fibre2Fashion News Desk – India
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