CCI nod for Walmart-Flipkart deal, traders' body to move court
New Delhi, Aug 8 : Fair trade watchdog Competition Commission of India (CCI) has approved the acquisition of e-commerce major Flipkart by Wal-Mart International Holdings.
However, a traders' body said that it will move the court against the approval.
"@CCI_India approves proposed acquisition of Flipkart Private Limited by Wal-Mart International Holdings, Inc," CCI said in a tweet on its official Twitter handle on Wednesday.
On May 9, global retail giant Walmart Inc announced it was buying 77 per cent equity stake in the country's largest e-tailer Flipkart for $16 billion, subject to regulatory approval in India.
The acquisition of the majority stake makes the $500-billion Walmart the largest shareholder of the Flipkart group and will help accelerate its mission to transform e-commerce through digital technology.
Reacting to the development, the Confederation of All India Traders (CAIT) said that it will move the court against the CCI decision.
"It is most unfortunate that leaving aside the objections raised by CAIT in CCI, the Commission has approved the deal," CAIT Secretary-General Praveen Khandelwal said.
"Without giving any opportunity of hearing to CAIT, the CCI has flayed principle of natural justice. We deeply condemn such an attitude and will certainly move to Higher Court against the decision of CCI."
According to Khandelwal, CAIT has called for an emergency meeting of its governing council on August 19 at Nagpur.
The traders, protesting under CAIT, have denounced the deal arguing that it would create "unfair competition" and demanded that the government scrap it.
On its part, Walmart welcomed the decision and said that it remains committed to contribute to the Indian economy by supporting smallholder farmers, manufacturers, and "our Kirana" customers.
"Our partnership with Flipkart is testament to our continued confidence in our ability to contribute to this market. Flipkart is a prominent player in India with a strong, entrepreneurial leadership team that is a good cultural fit with Walmart," the company said in a statement.
"We believe that the combination of Walmart's global expertise and Flipkart will position us for long-term success and enable us to contribute to the economic growth."
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Groundwater depletion causes Earth's axis to shift by 31.5 inches: Study
A recent study has uncovered a significant impact of human activity on the planet: Earth's axis has shifted by 31.5 inches (nearly 80 centimeters) due to extensive groundwater extraction. Published in the journal Geophysical Research Letters, the research highlights how large-scale pumping of groundwater has changed the distribution of Earth's mass, affecting its rotation and contributing to sea-level rise. The shift in Earth's tilt is linked to a sea-level increase of 0.24 inches, according to Popular Mechanics.
Lead researcher Ki-Weon Seo, a geophysicist at Seoul National University, explained that among climate-related factors, the redistribution of groundwater has had the most significant effect on the movement of Earth's rotational pole. The planet's tilt, or axial precession, is influenced by changes in mass distribution. As glaciers and polar ice sheets in Greenland and Antarctica melt, water migrates towards the equator, shifting the planet's balance—a phenomenon comparable to how a figure skater’s spin changes when they alter their body position.
The study examined data from 1993 to 2010, revealing that approximately 2,150 gigatons of groundwater were pumped out during this time, largely for agricultural and human consumption. This large-scale extraction has contributed to a shift in Earth's axis of about 31.5 inches.
Groundwater, which is water stored underground in soil and rock, plays a crucial role in the hydrological cycle. It originates from precipitation that seeps into the earth, replenishing natural aquifers. These aquifers are vital freshwater resources, supporting drinking water supplies, agriculture, and industry. The availability and quality of groundwater depend on natural factors like recharge rates and human activity.
While the 31.5-inch shift in Earth's axis might seem minor, the consequences could be far-reaching over geological timescales. Changes in water distribution can lead to varying sea-level changes across regions, affecting coastal areas differently. Additionally, shifts in Earth's tilt can influence its internal systems, such as the magnetic field, which acts as a shield against harmful solar radiation.
