CAIT files petition against Walmart-Flipkart deal

New Delhi (India), May 28 (ANI): The Confederation of All India Traders (CAIT) has filed an objection petition in Competition Commission of India (CCI) against Walmart-Flipkart deal.

In the petition, CAIT has said that Walmart is world's largest retailer and will create an unfair competition and uneven level playing field.

Secretary-General, Praveen Khandelwal said, "The Confederation of All India Traders (CAIT) has today filed a petition in Competition Commission of India against Walmart-Flipkart deal demanding the deal to be rejected. An exhaustive petition was filed by Advocate Abir Roy on behalf of CAIT."

American multinational retail corporation Walmart Inc., on May 9, announced that it signed definitive agreements to become the largest shareholder in India's eCommerce Company, Flipkart Group.

Subject to regulatory approval in India, Walmart will pay approximately USD 16 billion for an initial stake of approximately 77 percent in Flipkart, while the remainder of the business will be held by some of Flipkart's existing shareholders, including the company's co-founder Binny Bansal, Tencent Holdings Limited, Tiger Global Management LLC and Microsoft Corp.

Earlier, some political parties raised objection over the deal and opined that it would have a detrimental impact on the small and medium enterprise sector (SME) in India. (ANI)

This story has not been edited. It has been published as provided by ANI