Global retail giant Walmart has approached fair trade regulator 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. Also Read - Flipkart Mobiles Bonanza sale top deals: iPhone SE, Poco X3 Pro and more on discount
Stating that the proposed acquisition would be done through its subsidiary Wal-Mart International Holdings, Walmart has told the regulator that Flipkart is a Singapore-based investment holding firm, which along with its direct and indirect subsidiaries, both in India and elsewhere, is primarily engaged in the business of wholesale cash and carry of goods and providing marketplace based e-commerce platforms to facilitate trade between customers and sellers in India. Also Read - iPhone 11, iPhone XR up for grab with massive discount on Flipkart Big Saving Days sale
Mergers and acquisitions beyond a certain threshold require the approval of the Competition Commission of India (CCI). Also Read - Flipkart Big Saving Days sale begins: Pixel 4a, Realme X7, Samsung Galaxy F62, more on discount
According to the notice submitted to the CCI by Wal-Mart 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 and among Walmart’s subsidiary and Flipkart.
This is published unedited from the PTI feed.