The Competition Commission of India (CCI) has approved Tata Digital s proposed acquisition of 64.3 per cent stake in Supermarket Grocery Supplies Private Ltd (SGS), which operates the business-to-business arm of the online grocery firm .
Competition Commission allows Tata Digital to acquire 64.3% stake in Big Basket
IANS
29 April 2021
The proposed combination involves acquisition by Tata Digital Limited (TDL) of up to 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.
Subsequently, through a separate transaction, SGS may acquire sole control over Innovative Retail Concepts Private Limited (IRC).
The proposed combination will result in the acquisition by TDL of majority stake of and control over SGS.
Tata Digital Ltd (TDL) is a wholly owned subsidiary of Tata Sons Pvt Ltd, which is the ultimate holding company of the entities belonging to the Tata Sons group.
Nifty, Sensex still on course to head higher – Thursday closing report
Moneylife Digital Team
29 April 2021
We had mentioned in the Wednesday’s closing report that Nifty, Sensex may continue to head higher. On Thursday, the indices opened higher and ended with minor gains. On the NSE, there were 866 advances, 1,041 declines and 100 unchanged.
The trends of the major indices in the course of Thursday’s trading are given in the table below:
Tata Communications reported net profit of Rs 270.6 crore, down from Rs 309.4 crore in the year-ago period. Revenue declined 3.5% YoY to Rs 4,073.3 crore.
Rain Industries reported sharply higher profit at Rs 231.1 crore against Rs 113.9 crore YoY. Revenue grew 6.2% to Rs 3,077.7 crore from Rs 2,897.6 crore YoY.
The Competition Commission of India (CCI) on Thursday approved Tata Digital’s acquisition of a majority stake in online grocer BigBasket. Tata Digital can acquire up to 64.3 per cent of the total share capital of Supermarket Grocery Supplies Private Ltd (SGS). SGS can acquire the sole control over Innovative Retail Concepts Private Ltd, which operates BigBaskt’s online retail business. Tata Digital will now give exit to investors Alibaba, which holds around 29 per cent stake in BigBasket, along with investors Actis LLP (16.3 per cent), and IFC (4.1 per cent). Tata has finalized plans to acquire this stake for about Rs 9,300 crore (about $1.2 billion).