Walmart expects timely clearance from CCI for Rs 16 bn Flipkart deal Noor Arora
Walmart expects timely approval from authorities for its $ 16 billion deal to acquire Flipkart, a top company official said. The company is awaiting approval from fair trade regulator CCI, where its mega deal to acquire 77 per cent stake in leading ecommerce player Flipkart is pending. This should happen in reasonable time... we are expecting timely approvals, said Walmart India President and CEO Krish Iyer. He further said:"Basic approval is from the Competition Commission of India (CCI) and its already in progress. When asked how soon the company expects to complete the transaction, Iyer said,"We have not put any timeline for that. It is basically based on the law. The company has already engaged counsel to pitch its case before the fair trade regulator.
ARTICLE SOURCE: BS