Connect with us

Startup

CCI approves Tata Digital Limited’s acquisition of this much stakes in BigBasket

Published

on

Representative Image [Instagram]

The Competition Commission of India (CCI) has given permission to Tata Digital Limited to acquire a large stake in the online grocery store BigBasket. Tata Digital Limited filed an application in CCI in March to acquire up to 64.3 per cent of the total shares in Supermarket Grocery Supply Private Limited, the wholesale unit of BigBasket.

A press release stated that CCI has approved the acquisition by Tata Digital Limited of Supermarket Grocery Supplies Private Limited (SGS) and SGS for up to 64.3 per cent of the total share capital of Innovative Retail Concepts Private Limited. However, the size of the deal was not disclosed by CCI.

Representative Image [Instagram]

Representative Image [Instagram]

Several media reports have speculated that the deal will cost Tata more than $ 1 billion for the majority stake in BigBasket. It is also being said that Alibaba is likely to exit from this deal as soon as possible. It controls a 27.58 per cent stake in the company.

The acquisition of a large portion of BigBasket by Tata Digital Limited will also have a wider impact on the current scenario of people involved in online groceries in India. Tata Digital Limited is a wholly-owned subsidiary of Tata Sons. While Innovative Retail Concepts Private Limited (IRC) operates the B2C portal BigBasket.

WP Twitter Auto Publish Powered By : XYZScripts.com