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CCI gives approval to BigBasket's 64% stake sale to Tata Digital

CCI has approved the acquisition by Tata Digital of up to 64.3% of Supermarket Grocery Supplies (SGS) and its sole control over Innovative Retail Concepts (IRC), the company that runs BigBasket

Topics
BigBasket | Tata | CCI

ANI 

Big aim for BigBasket as it eyes break-even across top 10 cities in FY20

The Competition Commission of India (CCI) has approved the acquisition by Digital of up to 64.3 per cent of Supermarket Grocery Supplies (SGS) and its sole control over Innovative Retail Concepts (IRC), the company that runs

The proposed combination involves acquisition through a combination of primary and secondary acquisitions in one or more series of steps. Through a separate transaction, SGS may acquire sole control over IRC, the Ministry of Corporate Affairs said in a statement on Thursday.

is currently the leader in the online grocery segment and claims to have crossed the one billion dollar annual revenue run rate.

Digital is engaged in the business of providing technology services related to identity and access management, loyalty programme, offers and payments.

SGS is engaged in online B2B sales of relevant products through business.com. IRC is engaged in online B2C sales of relevant products and operates the website www.bigbasket.com and related mobile applications.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Thu, April 29 2021. 11:33 IST
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