Top executives of Walmart India and Flipkart met Competition Commission of India (CCI) to explain their activities in the country.
Day’s after submitting their application seeking permission for $16-billion mega-merger deal, both the firms met CCI to explain their individual businesses, development programmes, and other activities.
As of now, no official communication pertaining to the meet has been released. However, sources term it as a “courtesy call” by the executives of the two companies.
Top executives namely Krish Iyer, Chief Executive Officer and Rajneesh Kumar, senior vice president and chief corporate affairs officer, Walmart India, along with Kalyan Krishnamurthy, Chief Executive Officer, Flipkart, and its group legal head R Baweja were a part of the meet.
Those present in the meeting included Walmart India president and CEO Krish Iyer and the company’s senior vice president and chief corporate affairs officer Rajneesh Kumar, besides Flipkart CEO Kalyan Krishnamurthy and its group legal head R Baweja, sources said.
Reportedly, both the firms explained their business plans and development to CCI member Sudhir Mittal.
In their meeting with CCI member Sudhir Mittal, the officials of the two companies briefly explained about their individual businesses, development programmes and other activities.
As per the guidelines, mergers and acquisitions beyond a certain threshold require the approval of the CCI.
Retailers have reportedly joined hands to approach CCI opposing the $16 billion Walmart-Flipkart deal as it would lead to massive job loss in India’s retail trade.
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