BUSINESS

CCI approves Walmart, Flipkart deal

The Competition Commission on Wednesday said it had approved U.S. retail giant Walmart’s proposed acquisition of Flipkart.

In May, Walmart announced the acquisition of 77% stake in Flipkart, the biggest takeover by the U.S. company till date.

The transaction values the 11-year-old Indian e-commerce company at $20.8 billion.

Deals beyond a certain threshold are required to get clearance from the Competition Commission of India (CCI).

The regulator keeps a tab on unfair business practices in the market place.

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