Global retail giant Walmart has got approval from the Competition Commission of India (CCI) in acquisition of e- commerce major Flipkart. Earlier, Walmart has announced about the acquisition of 77 percent shares in the Indian e-commerce Flipkart for 16 billion dollars.
We welcome the CCI’s decision. Walmart remains committed to contributing to the Indian economy by supporting smallholder farmers, manufacturers, and our Kirana customers,” said the American multinational retail corporation Walmart in a statement.
The $500 billion Walmart became the largest shareholder in the e-trailer after the acquisition of majority stake in Flipkart. Walmart has announced its plan to acquire Flipkart in May this year .
It must be taken into note that the combination of Walmart’s global expertise and Flipkart will lead to long term success and empower contribution to the economic growth.