Retail major Walmart said its proposed $16 billion acquisition of the e-commerce major Flipkart was in accordance with the government's FDI policy norms, the Business Today reported on Tuesday.

Walmart statement comes after the Confederation of All India Traders (CAIT) organized mass sit-in protests across cities such as Delhi and Mumbai against the deal on Monday.

The traders' body fears the deal will create a monopoly in the retail market and drive kirana stores out of business.

The CAIT has been urging the government to scrap the deal and constitute a regulator to monitor the country's e-commerce market.

First Published:Jul 3, 2018 12:04 PM IST