 "CCI gives approval to BigBasket's 64% stake sale to Tata Digital")
The Competition Commission of India (CCI) has approved the acquisition by Tata 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 BigBasket.
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.
BigBasket is currently the leader in the online grocery segment and claims to have crossed the one billion dollar annual revenue run rate.
Tata 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.bigbasket.com. IRC is engaged in online B2C sales of relevant products and operates the website www.bigbasket.com and related mobile applications.
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