On Tuesday (July 24th, 2018) the
Confederation of All India Traders demanded that Centre should stop the
Walmart-Flipkart dealsaying that if it goes through it will be highly detrimental to the interests of the small traders in the country.
The traders’ union also demanded that the government should form a policy for e-commerce and constitute a regulatory authority for such business and till the time this is done, the deal should be withheld for the permission to Walmart to takeover Flipkart.
Mr. Praveen Khandelwal, Secretary General of CAIT said CAIT will approach Supreme Court of India to stop the deal from being formalized and also claimed that Walmart’s entry into retailing is in violation of the FDI rules which do not permit foreign direct investment in retail.
As of now, Walmart’s application to acquire 77% share of Flipkart is pending with the Competition Commission of India, Walmart has also clarified that the cash & carry business it is running in India will run as a separate entity and it has plans to expand there as well and added that its business is helping in creating thousands of jobs in India. CAIT is not only strongly against the deal but says their legal team is ready with the papers and documents to file a petition in the Supreme Court of India if the government approves the Walmart-Flipkart deal.
Flipkart Acquires an AR Business Called Scapic to Improve User Experience
Business
Nov 19, 2020
Atharwa Gauraha
(
Editor: Ekta Joshi
)
4 Shares
Scapic, an augmented reality (AR) firm, was acquired by the Flipkart group for an undisclosed amount. Scapic is a cloud-based platform that allows AR and 3D content to be produced and distributed, supporting clients across e-commerce and marketing.Through the acquisition of Scapic, Flipkart will acquire a 100% stake in the company and a team of developers and designers. This team will work towards accelerating the company's efforts to provide a deeper camera experience, virtual storefronts, and...
Flipkart to Buy an 8 Percent Stake for Rs. 1500 Crores in Aditya Birla Fashion and Retail
Business
Oct 24, 2020
Atharwa Gauraha
(
Editor: Ekta Joshi
)
2 Shares
Walmart Inc'sFlipkart will buy a 7.8 percent stake in Aditya Birla Fashion and Retail Ltd for ₹ 1,500 crores ($204 million), the fashion retail company said, on Friday (October 23, 2020).The investment comes at a time when Amazon.com Inc, Reliance Industries-led billionaire Mukesh Ambani, and Flipkart are in a race to capture market share in India's fast-growing food and grocery online market.With the COVID-19 pandemic keeping most people indoors, Indians are turning to online platforms for...
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