You are here: Home » Companies » News
Business Standard

PNB to pick up 9.5% stake in Open Network for Digital Commerce Ltd

Open Network for Digital Commerce (ONDC) Ltd is being established with a mandate to develop an open network for digital commerce

Topics
Punjab National Bank | Digital banking | PNB

Press Trust of India  |  New Delhi 

punjab national bank, pnb
Photo: Kamlesh Pednekar

Public sector (PNB) will invest as a promoter in Open Network for Digital Commerce by picking up over 9 per cent stake in the company, which is yet to be incorporated.

Open Network for Digital Commerce (ONDC) Ltd is being established with a mandate to develop an open network for digital commerce, said in a regulatory filing.

The Delhi-headquartered lender said its participation in ONDC is 9.5 per cent equity capital in the company, or Rs 25 crore, whichever is lower.

"Such investment will be made in one or more tranches. The timeline for making the investment is yet to be finalised," it said.

As the acquisition of shareholding is below 10 per cent, regulatory approval is not required, it added.

India is working on setting up an ONDC infrastructure which facilitates e-commerce by providing equal opportunities to all marketplace players.

In such a platform, the buyer can sell on a platform without being registered over there and vice-versa.

(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.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, November 29 2021. 20:51 IST
RECOMMENDED FOR YOU
.