Walmart, which has approached CCI for approval, had announced last month to acquire 77 per cent stake in Flipkart for about $16 billion. Mergers and acquisitions beyond a certain threshold require the approval of the CCI.
More than 100 Indian traders’ bodies last week opposed the deal stating it would cause ‘irreversible damage’ to small traders and endanger jobs for thousands.
Taking a cue from the South African case, CCI may recommend setting up of a long-term fund to modernise small grocery stores besides supporting local manufacturing by small and medium enterprises, according to a news agency report.
The fund might work under the aegis of the department of industrial policy and promotion (DIPP) with Walmart representatives offering knowledge and resources. (DS)
ALCHEMPro News Desk – India
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