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Walmart seeks CCI approval for Flipkart stake
19 May 18 1 min read
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)
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Fibre2Fashion News Desk – India
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