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BigBasket s 64.3% stake sale to Tata gets Competition Commission of India s approval
Competition Commission of India has approved Tatasâ 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.
Innovative Retail Concepts Pvt Ltd (IRC) is engaged in B2C (business-to-consumer) sales through www.bigbasket.com and related mobile applications.
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.
SGS is into B2B (business-to-business) sales through the portal business.bigbasket.com.
Innovative Retail Concepts Pvt Ltd (IRC) is engaged in B2C (business-to-consumer) sales through www.bigbasket.com and related mobile applications.
Tata approaches CCI to pick 64% stake in BigBasket
Tata Digital Ltd has proposed to acquire 64.3 per cent stake in Supermarket Grocery Supplies Pvt Ltd (SGS), which handles business-to-business sales of BigBasket brand
BusinessToday.In | March 12, 2021 | Updated 21:23 IST
Tata Sons has approached the Competition Commission of India (CCI) to pick up a majority stake in online grocery delivery platform BigBasket. The salt-to-software conglomerate intends to acquire the stake through its wholly-owned subsidiary Tata Digital.
The acquisition will propel Tata Group into the immensely competitive online grocery retail market, which saw manifold growth during the lockdowns due to the COVID-19 pandemic. The sector is currently witnessing a tough contest between Amazon, Walmart-owned Flipkart, Reliance Industries retail arm Reliance Retail, and Grofers.
Tata group to acquire online grocer BigBasket telegraphindia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from telegraphindia.com Daily Mail and Mail on Sunday newspapers.