India’s CAIT Objects to Walmart-Flipkart Deal
India’s CAIT Objects to Walmart-Flipkart Deal

India’s CAIT Objects to Walmart-Flipkart Deal

India’s CAIT Objects to Walmart-Flipkart Deal

An Indian trader body has raised objections to Walmart’s $16 billion acquisition of e-commerce firm Flipkart, though lawyers and sources said the complaint to the country’s antitrust regulator is unlikely to threaten the deal, Reuters reported. The Confederation of All India Traders (CAIT) filed an objection to the US retail giant’s buyout of roughly 77% of Bengaluru-based Flipkart, the body said on Monday, adding that the deal would create unfair competition and result in predatory pricing. However, multiple sources close to the deal said that CAIT’s filing with the Competition Commission of India did not pose a challenge to the acquisition. “It’s very unlikely the CCI will look into this complaint as both Flipkart and Walmart are not competing in India in relation to any products or services,” said a lawyer with knowledge of the deal. Walmart’s bid is aimed at competing with arch rival Amazon.com Inc in a major growth market and prompted protests from Indian trade and nationalist groups that say small traders will suffer.


Short URL : https://goo.gl/Q8Umpp
  1. https://goo.gl/W7u95x
  • https://goo.gl/BpLDRi
  • https://goo.gl/HSV2YH
  • https://goo.gl/82z67U
  • https://goo.gl/kb8r1t

You can also read ...

China Warned of Ballooning SOEs
Former chief of the World Bank Robert Zoellick cautioned China...
Business confidence fell to its lowest level since August 2013 and around 7% of companies expected a contraction.
According to data from the International Monetary Fund in...
Shrinking unemployment in the US, Japan and the eurozone finally forces companies  to lift wages to retain and attract staff.
Workers in the world's richest countries are getting their...
New Zealand Q2 GDP Growth Picking Up
New Zealand’s economic growth is expected to have accelerated...
Saudi Sovereign Fund Secures $11 Billion Loan
Saudi Arabia's sovereign wealth fund said Monday it had...
Lira Eases Against Dollar
Turkey’s lira weakened against the dollar on Monday as...
By 2025 more than half of all current workplace tasks  will be performed by machines.
Robots will handle 52% of current work tasks by 2025, almost...
Myanmar Businesses Want Lower Taxes
Myanmar businesses are urging the government to lower the...

Add new comment

Read our comment policy before posting your viewpoints