Walmart buys 77% stake in Flipkart; RSS wing terms it 'back-door entry'

May 10, 2018, 07:41 IST | Agencies

RSS affiliate Swadeshi Jagran Manch (SJM) on Wednesday alleged that US retail giant Walmart was "circumventing" rules for a "back-door entry"

Walmart CEO Doug McMillon and Flipkart Co-Founder and CEO Binny Bansal in Bengaluru, on Wednesday. Pic/PTI
Walmart CEO Doug McMillon and Flipkart Co-Founder and CEO Binny Bansal in Bengaluru, on Wednesday. Pic/PTI

RSS affiliate Swadeshi Jagran Manch (SJM) on Wednesday alleged that US retail giant Walmart was "circumventing" rules for a "back-door entry" into India with its $16 billion majority stake acquisition of Flipkart and sought Prime Minister Narendra Modi's intervention to safeguard "national interest".

The SJM's letter to the prime minister, asking him to ensure that interest of those at the bottom of the pyramid in retail and agriculture space are safeguarded, came on a day Walmart Inc acquired 77 per cent stake in Flipkart.

The SJM, which is the economic wing of the Sangh, claimed that Walmart is using e-commerce route to circumvent existing rules, which bar foreign companies in multi-brand retail and dubbed its acquisition of Flipkart a "back-door entry" into Indian market. "This will further eliminate the small and medium businesses, small shops, and opportunity to create more jobs," the SJM's co-convenor said in his letter.

Catch up on all the latest Crime, National, International and Hatke news here. Also download the new mid-day Android and iOS apps to get latest updates

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever

Atal Bihari Vajpayee's final journey: Narendra Modi, Amit Shah join sea of mourners

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK