Home / Knowledge / News / Apparel/Garments / Indian Competition Commission clears Walmart-Flipkart deal

Indian Competition Commission clears Walmart-Flipkart deal

09
Aug '18
Indian Competition Commission clears Walmart-Flipkart deal
The Competition Commission of India (CCI) has approved the acquisition of Flipkart by Walmart Inc. Walmart had announced in May acquisition of 77 per cent stake of Flipkart for $16 billion. Terming the decision “most unfortunate”, the Confederation of All India Traders (CAIT), which had complained against the acquisition, said it will move court against the order.

Welcoming the decision, Walmart, in a statement, said it remains committed to contributing to the Indian economy by supporting smallholder farmers, manufacturers, and its Kirana customers. Flipkart said by combining Walmart's global expertise with its leadership position and Indian ethos, the company can contribute to the Indian economy and society.

The anti-trust body received representations against the acquisition from trade associations like CAIT and All India Online Vendors Association (AIOVA) and retailers, which expressed concerns on compliance of foreign direct investment (FDI) norms by Flipkart by engaging in predatory practices and preferential treatment to specified sellers on the marketplace and raised issues related to jobs, entrepreneurship, and small and medium enterprises.

In its order approving the combination, CCI said while these factors merited examination, facts showed that the discounting practice already exists even without the acquisition, according to Indian media reports.

An AIOVA spokesperson said though it hopes to get more business under Walmart, the current anti-competitive practices and violation of FDI policy can be a problem for Indian companies held by Flipkart Singapore. (DS)

Fibre2Fashion News Desk – India


Must ReadView All

Courtesy: Ministry of Trade and Industry, Singapore

Textiles | On 14th Nov 2018

Vietnam ratifies trans-Pacific trade pact CPTPP

Vietnam’s 14th National Assembly recently adopted a resolution...

Courtesy: Pexels

Textiles | On 14th Nov 2018

India's WPI inflation for apparel up 0.7% in October

India’s annual rate of inflation, based on monthly wholesale price...

Courtesy: EU Chamber of Commerce

Textiles | On 14th Nov 2018

PRC promises unrealised: EU Chamber of Commerce in China

The European Union (EU) Chamber of Commerce in China has said the...

Interviews View All

Shawn Honeycutt, Bolger & O'Hearn

Shawn Honeycutt
Bolger & O'Hearn

‘The Indian market is interesting and rather persistent in seeking new...

Kaizad Hansotia, GetNatty

Kaizad Hansotia
GetNatty

Competition is the best thing that can happen to a startup

Milind Khandwe, Hindoostan Innovation Centre

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Urmil Arya,

Urmil Arya

Sushila International, a well established textile organisation established ...

Kamal Kulshreshth,

Kamal Kulshreshth

Colorjet is among the fastest-growing wide format digital inkjet print...

Rikesh Mistry,

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Andreas Lukas, Andritz Nonwoven

Andreas Lukas
Andritz Nonwoven

With forces in engineering and process development, Andritz Nonwoven...

Lynda Kelly, Suominen Corporation

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Giorgio Mantovani, Corman S.p.A

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Sonam & Paras Modi, SVA

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Priya Somaiya, Usha Social Services

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Judy Frater, Somaiya Kala Vidya

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


November 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search