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Competition Commission clears Walmart-Flipkart deal

The Competition Commission today said it has approved US retail giant Walmart's proposed acquisition of Flipkart.

Competition Commission clears Walmart-Flipkart deal

New Delhi

In May, Walmart Inc announced acquisition of 77 per cent stake of Flipkart in its biggest takeover till date.

The deal values the 11-year old Indian e-commerce firm at USD 20.8 billion.

"@CCI_India approves proposed acquisition of Flipkart Private Limited by Wal-Mart International Holdings, Inc," the regulator said in a tweet.

Deals beyond a certain threshold are required to get clearance from the Competition Commission of India (CCI).

The regulator keeps a tab on unfair business practices in the market place.

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