Traders' stir against Walmart-Flipkart deal

The Confederation of All India Traders (CAIT) on Thursday said traders from across the country are expected to participate in a strike against the Walmart-Flipkart deal on September 28.

The confederation has called for a 'Bharat Trade Bandh' on September 28 and a mega traders rally on December 16 in the national capital.

On August 28, the confederation had approached the National Company Law Appellate Tribunal (NCLAT) against the Competition Commission of India (CCI) approval for Walmart-Flipkart deal.

On August 18, Walmart Inc. acquired approximately 77 per cent stake in e-commerce major Flipkart.

Walmart now holds approximately 77 per cent of Flipkart, while the remainder of the business is held by other shareholders, including Flipkart co-founder Binny Bansal, Tencent, Tiger Global and Microsoft Corp.

Walmart's investment includes $2 billion of new equity funding to help accelerate the growth of the Flipkart business and both companies will retain their unique brands and operating structures in Indi- IANS