Japanese conglomerate SoftBank's 20 per cent stake purchase in One97 Communications, which operates digital payments platform Paytm, has been approved by the Competition Commission.
In a tweet, the Competition Commission of India (CCI) said that it has approved "acquisition of 20 per cent stake in One97 Communications Ltd by SoftBank Group Corp".
As per a notice submitted by SoftBank to the fair-trade regulator, the combination involves the acquisition of equity shares of One97 Communications Ltd (OCL) by SoftBank Group Corp through SoftBank Group Capital.
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SoftBank Group Capital is a wholly-owned subsidiary of SoftBank Group Corp.
OCL is a mobile internet company and also provides telecommunications value added services. The firm's product segments include mobile payment services and network component services, among others.
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