The approval comes less than three months after the announcement of the mega deal, which is also being opposed by various trader organisations.
"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," it said.
In a statement, Flipkart Holding welcomed the CCI's decision. "... by combining Walmart's global expertise with our leadership position and Indian ethos, we believe we are positioned for long-term success and contribution to the Indian economy and society," it added.
Traders' body CAIT, which has been opposed to the deal, described the CCI approval as "most unfortunate" and said it would approach the court against the decision.
In June, more than 100 trader organisations opposed the deal stating it will cause "irreversible damage" to small traders and endanger jobs for thousands.
As per the notice submitted to the CCI, the acquisition of majority stake in Flipkart will be done through Wal-Mart International Holdings.
The proposed transaction would be effected pursuant to the share purchase agreement and the share issuance and acquisition agreement entered into on May 9 by and among Walmart's subsidiary and Flipkart, the notice said.
In June, Walmart said that it expects to close the deal this year.
"In May 2018, the company announced it will pay approximately USD 16 billion in exchange for approximately 77 per cent of the outstanding shares of Flipkart Group (Flipkart). The investment includes USD 2 billion of new equity funding.
The US India Strategic Partnership Forum (USISPF) said the deal is good for India as a whole.
Walmart is a USISPF member.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)