You are here: Home » PTI Stories » National » News
Business Standard

CCI clears Visa's minority stake buy in Billdesk

Business Finance

Press Trust of India  |  New Delhi 

The Competition Commission has cleared the US-based firm Visa's minority stake purchase in domestic payments processing company Billdesk.

The US-based payment processing firm in November 2018 had said that it has picked up a minority stake in Billdesk which is operated by Mumbai-based Ltd. The amount for the deal was however not disclosed.

In a tweet on Thursday, the Competiton Commission of India (CCI) said it "approves acquisition of shares by Visa in IndiaIdeas."

The CCI also tweeted that it has approved acquisition of shares in Billdesk by Claymore Investments (Mauritius), a wholly-owned subsidiary of Temasek Holdings and the Netherland-based Springfield Investments International.

In the case of Springfield, the CCI said it has approved acquisition of 3.28 per cent stake in Billdesk while Claymore, post acquisition, would hold less than 10 per cent stake in payments processing firm.

Mergers and acquisitions beyond a certain threshold require approval of the CCI.

(This story has not been edited by Business Standard staff and 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: Thu, January 17 2019. 16:30 IST