Walmart-Flipkart deal News

Earlier on October 5 also, the matter was adjourned for November 12 for next hearing by the appellate tribunal.

About 7 crore small businesses all over the country will participate in the Bharat Bandh on Friday.

Retailers association CAIT has called for nationwide traders' strike on September 28 to protest against acquisition of Flipkart by US retail giant Walmart, the traders' body said Thursday.

Following CCI's nod to the Walmart-Flipkart deal, the I-T department expects Walmart to approach it under Section 197 of the Income Tax Act within a fortnight.

In May, Walmart announced acquisition of 77 per cent stake of Flipkart in its biggest takeover till date.

It is the biggest M&A deal in India this year.

According to a regulatory filing with Securities and Exchange Commission (SEC), Walmart said the ongoing operations of Flipkart are expected to impact the US company's income negatively.

In the Walmart-Flipkart deal, the revenue department will go through the share purchase agreement to ascertain the purpose of investment and the emanating gains.

Walmart runs 21 Best Price wholesale stores in India that sell everything from fast-moving consumer goods to furniture to other retailers and institutions.

The USD 12.7 billion Idea Cellular-Vodafone India deal was the largest transaction in 2017.

The news underscores how Amazon is focused on winning India`s fledgling e-commerce market, and the offer could be a ploy to block Walmart from bringing its expertise in logistics and supply chain management to Flipkart, people familiar with the matter said.

The US retailer can acquire a stake of 15% to 20% in e-commerce firm Flipkart.