CCI approves Softbank's $1.4-billion investment in Paytm's parent firm

The move would help SoftBank maintain its bellwether status of being the lead investor in firm

The Competition Commission of India (CCI) has approved SoftBank Group Corp’s acquisition of 20 per cent stake in One97 Communications, the parent of digital payments company Paytm.

The nod for the biggest investment by the Japanese internet and telecom major comes two months after the Vijay Shekhar Sharma-founded company raised Rs 9,000 crore or $1.4 billion from Softbank. The CCI announced the approval on its twitter handle on Tuesday.

The move would help SoftBank maintain its bellwether status of being the lead investor in the company. 

SoftBank, after its failed investment in Jasper Infotech-owned Snapdeal and FreeCharge to the tune