CCI approves Tata Digital s acquisition of a majority stake in Bigbasket
Tata Digital will acquire a 64.3 percent stake in Bigbasket, giving the conglomerate a strong foothold into the online grocery and fruits and vegetable delivery market.
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The Competition Commission of India (CCI) on Wednesday has approved the Tata Group’s acquisition of a majority stake in online grocery delivery company – Bigbasket.
“CCI approves acquisition by Tata Digital Limited of up to 64.3 percent of the total share capital of Supermarket Grocery Supplies Pvt Ltd (SGS) and SGS’ sole control over Innovative Retail Concepts Private Limited,” a statement read.
Tatas deal to buy up to 64.3 per cent stake in BigBasket, gets CCI approval
The deal involves TDL buying 64.3 per cent of the total share capital of SGS (on a fully diluted basis) through a combination of primary and secondary acquisitions, in one or more series of steps.
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NEW DELHI: Competition Commission of India has approved Tatas proposal to acquire up to 64.3 per cent stake in BigBasket, a deal that will provide the diversified group a strong foothold in the fast-growing online grocery market.
Under the deal, Tata Digital Ltd (TDL) will purchase up to 64.3 per cent of the total share capital of Supermarket Grocery Supplies Pvt Ltd (SGS) as well as SGS sole control over Innovative Retail Concepts Pvt Ltd.
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