Global retail giant Walmart has approached fair trade regulator Competition Commission of India (CCI) for approval of its proposed acquisition of a majority stake in e-commerce major Flipkart, saying the deal doesn’t raise any competition concerns.
Walmart is the world’s largest retailer, but in India the company only has a wholesale cash-and-carry business. Last week, Walmart India chief executive Krish Iyer said the company plans to open 50 new stores within the next five years, up from 21 stores now.
According to the notice submitted to the CCI by WalMart International Holdings, the proposed transaction will be effected pursuant to the share purchase agreement and the share issuance and acquisition agreement entered into on May 9 by Walmart’s subsidiary and Flipkart.
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