New Delhi: The Competition Commission of India (CCI) on Wednesday said it has approved US retail giant Walmart’s proposed acquisition of Flipkart.
In May, Walmart Inc announced acquisition of 77 per cent stake of Flipkart in its biggest takeover till date. The deal values the 11-year old Indian e-commerce firm at $20.8 billion.
“@CCI_India approves proposed acquisition of Flipkart Private Limited by Wal-Mart International Holdings, Inc,” the regulator said in a tweet.
Deals beyond a certain threshold are required to get clearance from the Competition Commission of India (CCI). The regulator keeps a tab on unfair business practices in the market place.