The Tata Group is finally on its way to making an entry into the Indian online grocery segment. The Competition Commission of India (CCI) today permitted Tata Digital to acquire a majority stake in online grocery player BigBasket. The CCI has allowed Tata Digital, a wholly owned subsidiary of Tata Sons, to acquire up to 64.3 per cent of the total share capital of Supermarket Grocery Supplies Private Ltd (SGS) and also be the sole control over Innovative Retail Concepts Private Ltd, which operates BigBasket’s online retail business. With this approval Tata Digital will give exit to investors Alibaba that holds around 29 per cent stake in the company, along with investors Abraaj Group (16.3 per cent), and IFC (4.1 per cent). Tata’s have finalised plans to acquire this stake for about Rs 9,300 crore (about $1.2 billion).
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).
In what may be a major development in India s e-commerce scenario, Tata Digital has sought the approval of the Competition Commission of India (CCI) to acquire 64.3 per cent stake in Supermarket Grocery Supplies Private Ltd (SGS), which .