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CCI approves e-commerce giant Flipkart's acquisition of 7.8 percent stake in Aditya Birla Fashion

TechSamvad
·1-min read

The Competition Commission of India (CCI) on 20 January >approved a Rs 1,500 crore deal between Aditya Birla Fashion and Flipkart, which allows the latter, Flipkart Investments Private Limited (FIPL), to acquire a minority stake of 7.8 percent in the Birla Group-linked entity. "Commission approves acquisition of a 7.8 percent minority stake in Aditya Birla Fashion and Retail Ltd by Flipkart Investments Pvt Ltd," the CCI, which is India's nodal anti-trust regulator, said in a social media update.

In October last year, Aditya Birla Fashion's board had approved plans to raise Rs 1,500 crore by issuing a 7.8 per cent stake on a preferential basis to Walmart-owned Flipkart Group. After the dilution of the 7.8 per cent stake, the promoter and promoter group companies of ABFRL will hold around 55.13 per cent stake.

Aditya Birla Fashion and Retail Ltd (ABFRL) is engaged in the business of manufacturing and retailing branded apparels, footwear and accessories, through its retail stores, multi-brand outlets, departmental stores, online retail platforms and e-commerce marketplaces, across India.

FIPL is a wholly-owned subsidiary of Flipkart Private Limited (FPL), and FPL belongs to Walmart Group.

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Read more on Business by Firstpost.