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Walmart seeks CCI approval for Flipkart stake
19
May '18
Courtesy: Walmart
Courtesy: Walmart
Walmart Inc has sought approval from Competition Commission of India (CCI) for its proposed acquisition of 77 per cent stake in India’s e-commerce major Flipkart. Walmart said it will buy stake from most of Flipkart’s investors including SoftBank Group, Accel Partners, Naspers and eBay Inc through its subsidiary Wal-Mart International Holdings.

Approval of CCI, India’s anti-trust regulator, is needed for mergers and acquisitions beyond a certain threshold. Last week, Walmart signed an agreement to acquire 77 per cent share in Flipkart for $16 billion, termed as the biggest global e-commerce buyout so far.

In its filing with the CCI, Walmart said that its proposed buying of majority share in Flipkart does not create any competition concerns. (RKS)

Fibre2Fashion News Desk – India


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