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Walmart-Flipkart deal to hit India's retail sector: CAIT

Friday, May 11, 2018

Traders' body CAIT yesterday said Walmart's USD 16 billion acquisition of home-grown retailer Flipkart will affect India's retail sector "very badly" and demanded scanning and scrutinising the deal from "different angles" by the government. US retailer Walmart Inc has announced acquisition of 77% 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.

"A regulatory authority should be constituted by the government which should scan the details of Walmart-Flipkart deal and it should be scrutinised from different angles like competition and cyber security, predatory pricing, deep discounting and loss funding," CAIT Secretary General Praveen Khandelwal told PTI.

"After assessing the deal, we will either represent to government or to the Competition Commission, or we will go to court," he added.

Besides, Khandelwal said traders are facing several problems with regard to GST portal, adding that the traders' body has submitted representations to the finance ministry in this regard.

Walmart to open 50 new stores in India in 4-5 years
A day after announcing USD 16 billion investment in India's largest online retailer Flipkart, Walmart Inc yesterday said it will continue to grow its wholesale cash-and-carry business, adding 50 new stores in the next four-five years.

"We currently have 21 stores and plan to open 50 stores in 4 to 5 years. Plans are on track," Walmart India President and CEO Krish Iyer said at a select media roundtable called to explain the Flipkart deal.

Walmart Chief Executive Doug McMillon said Flipkart group, in which the US retailer is acquiring 77% stake, would continue to operate as a separate board-managed company with co-founder Binny Bansal as the CEO.

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