The Competition Commission of India (CCI) has approved the Tata Group's proposal to acquire a majority stake in the online grocer BigBasket.
Tata Digital, a wholly-owned subsidiary of the Tata Group, had sought CCI nod for acquisition of 64.3 per cent stake in the Supermarket Grocery Supplies (SGS) Private Limited, through a combination of primary and secondary share purchases.
Subsequently, through a separate transaction, SGS may acquire sole control over Innovative Retail Concepts Private Limited (IRC), which operates BigBasket’s online retail business, giving Tata control over both wholesale and retail business units, reports Economic Times.
"The Competition Commission of India (CCI) approves acquisition by Tata Digital Limited of up to 64.3 per cent of the total share capital of Supermarket Grocery Supplies Private Ltd (SGS) and SGS’ sole control over Innovative Retail Concepts Private Limited," the Ministry of Corporate Affairs said in a statement on Thursday (29 April).
Tata Digital is engaged in the business of providing technology services related to identity and access management, loyalty program, offers and payments, it added.
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