Flipkart and Walmart meet with CCI

On May 23, top executives from both Walmart and Flipkart met with the Competition Commission of India (CCI) to explain the Walmart acquisition deal after beginning the process of seeking the commission’s approval.

On Wednesday, Walmart’s India President and CEO, Krish Iyer and Senior Vice President and Chief of Corporate Affairs, Rajneesh Kumar and Flipkart’s CEO, Kalyan Krishnamurthy and Group Legal Head, R Baweja met with the CCI. The Economic Times reported sources close to the matter as describing the meeting as a “courtesy call” during which the executives explained Walmart’s global sourcing from India. This includes sourcing its products from Indian farmers and creating supplier development programmes. In short, Walmart is aiming to show that its large presence in India will help, not hinder the nation as a whole.

There has been protest over the deal, including from Indian farmers who fear that Walmart’s acquisition of Flipkart will mean that they have less work and income. As the Union Government continues to stress the importance of its “Make in India” campaign, Walmart will have to prove that the domestic Indian economy will not be harmed by its acquisition of the Indian giant Flipkart.

Walmart and Flipkart have agreed to the terms of the $16 billion acquisition deal where Walmart will acquire a majority stake in Flipkart. However, for the deal to legally go ahead, the businesses need the CCI’s approval.

Flipkart and Walmart meet with CCI

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