BUSINESS & FINANCE
USISPF says Walmart-Flipkart deal will support 'Make in India'
A leading business group in the US has welcomed the clearance to American retail giant Walmart's proposed acquisition of Flipkart, saying it will support the Indian government's ambitious 'Make in India' initiative.
Competition Commission of India (CCI) yesterday said in New Delhi that it has cleared Walmart's proposed acquisition of Flipkart, a deal estimated to be worth USD 16 billion.
The approval comes less than three months after the announcement of the mega deal.
The US-India Strategic Partnership Forum (USISPF), a new organisation set up to enhance business relations between India and the US, lauded the approval.
"The deal is good for India as a whole. It will strengthen the agriculture supply chain and create new skilled jobs, supporting the 'Make in India' initiative," the USISPF said in a tweet.
USISPF President and CEO Mukesh Aghi congratulated Walmart and Flipkart.
"Congratulations to @Walmart @Flipkart for receiving the approval of CCI @narendramodi it shows confidence in continuing economic reforms in India. This deal will benefit farmers, consumers, create jobs and bring new supply chain technologies," Aghi tweeted.
In May, Walmart announced acquisition of 77 per cent stake of Flipkart in its biggest takeover till date.
Mergers and acquisitions beyond a certain threshold require the approval of CCI.
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