Traders launch 90-day long Rath Yatra to oppose Walmart-Flipkart deal
The Confederation of All India Traders (CAIT) have started their 90-day long ‘Rath Yatra’ to oppose the Walmart’s acquisition of Flipkart in a record US $ 16 billion deal, which was given the nod by the Competition Commission of India (CCI) last month. The campaign named ‘Sampoorn Kranti Rath Yatra’ kicked off at the Red Fort, in New Delhi, and will conclude later this year, after covering most parts of the nation. In a statement issued, the CAIT said, “The yatra after completing its journey across the country will culminate in a ‘Mass Rally’ on December 16 at Ramlila Grounds, New Delhi.” Notably, later this month, CAIT has also called for a Bharat Trade Bandh to oppose Walmart-Flipkart deal and Foreign Direct Investment in retail trade. Recently, India’s traders’ body went to National Company Law Appellate Tribunal (NCLAT) to register their plea against CCI’s approval of Walmart’s takeover of Indian e-commerce firm, which led to NCLAT issuing a notice to the US-based retailing giant to elaborate its business plans. The US $ 16 billion record deal gave Walmart a 77 per cent stake in Flipkart with the remaining shares in the business still being held by the e-commerce company’s cofounder Binny Bansal, Microsoft Corporation, Tencent and Tiger Global. It is important to add here that NCLAT’s deadline that was given to Walmart to elucidate its business model in the country ends this week and the American retailer is yet to submit its response.