New Delhi, April 29 (SocialNews.XYZ) The Competition Commission of India (CCI) has approved Tata Digital's proposed acquisition of 64.3 per cent stake in Supermarket Grocery Supplies Private Ltd (SGS), which operates the business-to-business arm of the online grocery firm BigBasket.
The proposed combination involves acquisition by Tata Digital Limited (TDL) of up to 64.3 per cent of the total share capital of SGS (on a fully diluted basis) through a combination of primary and secondary acquisitions, in one or more series of steps.
Subsequently, through a separate transaction, SGS may acquire sole control over Innovative Retail Concepts Private Limited (IRC).
The proposed combination will result in the acquisition by TDL of majority stake of and control over SGS.
Tata Digital Ltd (TDL) is a wholly owned subsidiary of Tata Sons Pvt Ltd, which is the ultimate holding company of the entities belonging to the Tata Sons group.
At present, TDL is engaged in the business of providing technology services related to identity and access management, loyalty program, offers and payments.
SGS is incorporated under the laws of India and is engaged in online B2B sales of the relevant products in India through business.bigbasket.com.
IRC is incorporated under the laws of India engaged in online B2C sales of the relevant products in India and operates the website www.bigbasket.com and related mobile applications.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz