The Competition Commission of India (CCI) on Wednesday said it has approved U.S. retail giant Walmart’s proposed acquisition of Flipkart.
In May, Walmart Inc. announced acquisition of 77% stake of Flipkart in its biggest takeover till date.
The deal values the 11-year old Indian e-commerce firm at $20.8 billion.
“@CCI_India approves proposed acquisition of Flipkart Private Limited by Wal-Mart International Holdings, Inc,” the regulator said in a tweet.
Deals beyond a certain threshold are required to get clearance from the CCI.
The regulator keeps a tab on unfair business practices in the market place.
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