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India rejects Walmart-owned Flipkart’s proposed foray into food retail business

India rejects Walmart-owned Flipkart’s proposed foray into food retail business

4 years ago
Anonymous $-9GJQVHNr8

https://techcrunch.com/2020/05/31/india-rejects-walmart-owned-flipkarts-proposed-foray-into-food-retail-business/

The Indian government has rejected Flipkart’s proposal to enter the food retail business in a setback for Walmart, which owns majority of the Indian e-commerce firm and which recently counted its business in Asia’s third-largest economy as one of the worst impacted by the global coronavirus pandemic.

The Department for Promotion of Industry and Internal Trade (DPIIT), a wing of the nation’s Ministry of Commerce and Industry, told Flipkart, which competes with Amazon India, that its proposed plan to enter the food retail business violates regulatory guidelines.