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All India traders strike against Walmart-Flipkart deal: CAIT

On Saturday, Walmart Inc. acquired approximately 77 per cent stake in e-commerce major Flipkart.

Reported by: IANS, New Delhi [ Updated: August 21, 2018 16:17 IST ]
Representational
Image Source : PTI

Representational

The Confederation of All India Traders (CAIT) on Monday called for an all India traders strike against the Walmart-Flipkart deal on September 28.

"We are organising a 'Bharat Trade Bandh' (All India Traders Strike) on September 28 against the Walmart-Flipkart deal. We want the government to nullify the deal as it is against the sector," CAIT Secretary General Praveen Khandelwal told IANS.

"We have also planned a host of other activities like a mega traders protest march to gain public support against the deal."

Accordingly, the confederation has called for a 'Bharat Trade Bandh' on September 28 and a massive nationwide 'Rath Yatra' to begin on September 15 and a mega traders rally on December 16 at New Delhi.

On Saturday, Walmart Inc. acquired approximately 77 per cent stake in e-commerce major Flipkart.

Accordingly, Walmart now holds approximately 77 per cent of Flipkart, while the remainder of the business is held by other shareholders, including Flipkart co-founder Binny Bansal, Tencent, Tiger Global and Microsoft Corp. 

Walmart's investment includes $2 billion of new equity funding to help accelerate the growth of the Flipkart business and both companies will retain their unique brands and operating structures in India.

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