Tata and Temasek approve merger of Snapdeal, Flipkart

There are about 30 more shareholders who have to give still their assent

Tata group Chairman Emeritus Ratan Tata, Temasek, BlackRock and Foxconn, all high-profile stakeholders of Gurgaon-based online marketplace Snapdeal, have reportedly given in-principle approval to its merger with rival, Flipkart.

None of them, however, could be contacted to confirm this information. Snapdeal, too, refused to comment.

According to some sources, Premji Invest and Ontario Teachers’ Pension Fund, other investors of Snapdeal, have still not approved the merger. 

Getting a nod from the shareholders is important, as it is part of the clauses in the deal agreement. For it to go ahead, at least 75 per cent of minority shareholders have to approve the deal.

“Flipkart