Tatas deal to buy up to 64.3 pc stake in BigBasket gets CCI approval
NEW DELHI, Apr 29: 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.
SGS is into B2B (business-to-business) sales through the portal business.Bigbasket.Com.
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.