Flipkart Acquisition by Walmart Gets Approval From Competition Commission of India

The Competition Commission of India (CCI) has approved US retail giant Walmart’s $16 billion (roughly Rs. 1.09 lakh crores) acquisition of online marketplace Flipkart, beefing up the competition to Amazon.com in the fast growing e-commerce market. Bentonville, Arkansas-based Walmart announced in May it was acquiring about 77 percent of Flipkart for roughly $16 billion in the biggest deal for India’s e-commerce sector, which…