CAIT says Flipkart-Walmart deal circumvents laws; may seek legal recourse
NEW DELHI: Traders’ body CAIT today alleged that the USD 16 billion Flipkart-Walmart deal circumvents laws, and said it will seek legal recourse on the matter.
Confederation of All India Traders (CAIT), in a statement, urged the government to conduct close scrutiny of the deal that it claimed will have greater ramifications on retail trade and the economy.
US retail giant Walmart Inc has announced acquisition of 77 per cent stake in Flipkart in its biggest takeover till date. The deal values the 11-year old Indian e-commerce firm at USD 20.8 billion.