Traders fear Walmart's indirect FDI in retail entry as Binny Bansal exits

Associations say global retail giant will call the shots; to meet Union ministers

Traders’ bodies fear Walmart might go for an indirect foreign direct investment (FDI) in its retail entry to India with the exit of Binny Bansal, its remaining ‘Indian’ co-founder of the country’s largest e-commerce platform Flipkart.

The associations, including the Confederation of All India Traders (CAIT) and the Swadeshi Jagran Manch (SJM), are planning to take up the matter with Union commerce minister Suresh Prabhu and Union finance minister Arun Jaitley. They claim Flipkart would now be effectively controlled by the retail giant, which owns 7 7 per cent of the firm.

“They would be the one calling the shots.