Walmart awaits ‘timely approval’ for Flipkart

CCI nod for $16-billion deal pending

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 deal to acquire 77% stake in leading e-commerce player Flipkart is pending.

“This should happen in reasonable time… we are expecting timely approvals,” said Walmart India President and CEO Krish Iyer.

‘No timeline set’

“Basic approval is from the Competition Commission of India (CCI) and it’s already in progress,” he said.

Asked how soon the company expects to complete the transaction, Mr. 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.

Mr. Iyer said after the completion of the transaction, both Walmart and Flipkart would continue to run as independent companies.

“I don’t see changes in our strategy in terms of fulfilment centre or B2B e-commerce or the store strategy that we have,” Mr. Iyer added.

Source: Read Full Article