Walmart Approaches CCI For Approval Over Flipkart Acquisition
After acquiring Indian e-commerce unicorn Flipkart, US giant Walmart Inc. has finally sought approval of India's Anti-Trust Regulator for its mega $16 billion acquisition.
According to a Regulatory Filing sent to Competition Commission of India (CCI), Walmart has said that its buyout of Flipkart does not result in competition concerns as the broader retail market in India remains unaffected by the deal.
Walmart has reported CCI that Flipkart is a Singapore based entity and the deal has been done through its subsidiary Walmart International Holdings. Moreover, Since Flipkart India is primarily engaged in the business of wholesale cash and carry goods, its acquisition will only affect B2B markets, Walmart added.
Notably, Walmart has been facing resistance by tough regulations that p...