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CCI clears Hitachi Payment's 26% stake buy in SBI Payment Services

SBI will have a majority stake in the proposed JV

Press Trust of India  |  New Delhi 

cci, competition commission of india

The (CCI) Friday said it has approved the acquisition of 26 per cent stake by Payment Services in SBI Payment Services.

The country's largest lender (SBI) and payments solution provider Payment Services entered into an agreement in October to form a joint venture (JV) for establishing a card acceptance and digital payment platform.

The competition watchdog in a tweet on Friday said it "approves acquisition of 26 per cent equity share capital of by Payment Services Private Limited".

SBI will have a majority stake in the proposed JV.

The JV will provide various payment options to customers and merchants focusing on areas such as rollout of a nationwide card acceptance infrastructure, quick response code acceptance, Unified Payment Interface, mass transit sector and

In a separate tweet, the fair trade regulator said it has given green signal to Insurance International's acquisition of 40 per cent equity share in Royal Sundaram General Insurance.

Royal Sundaram is a provider of general (non-life) in and is a subsidiary of Group.

The "approves acquisition of 40 per cent of the equity share capital of by Insurance International N.V," the regulator said in a tweet.

Ageas, a global provider, currently has only an indirect business presence in India through its investment comprising 26 per cent of the equity shareholding in (IFLI).

IFLI is a JV between IDBI Bank, and which provides life in India.

Besides, the regulator approved acquisition of 100 per cent of the shares of by the

Dana International is a wholly-owned of It is a global supplier of driveline, sealing and to manufacturers of light and commercial vehicles.

is a wholly-owned subsidiary of and it is engaged in drive systems business.

The 'drive systems segment' includes the supply of planetary gearboxes, transmissions, gears, synchronizers, and other components and sub-assemblies to be used in various vehicle and

Deals beyond a certain threshold require approval from the

First Published: Fri, December 21 2018. 19:41 IST