Walmart has received the all clear for its $16 billion acquisition of Indian e-commerce venture, Flipkart.
The Competition Commission of India (CCI) has approved the deal, the agency said in a post on Twitter on Wednesday. “We believe that the combination of Walmart’s global expertise and Flipkart will position us for long-term success and enable us to contribute to the economic growth,” Walmart said in a statement.
The Confederation of All India Traders (CAIT) expressed its disappointment at the decision. “We will certainly move the court against the CCI’s decision,” Praveen Khandelwal, CAIT’s Secretary General told Reuters. “CAIT has called an emergency meeting of its governing council on 19th August at Nagpur, where we will finalise our strategy for a nationwide movement.”