The Competition Commission of India has approved the acquisition by Tata Digital of up to 64.3 percent of the total share capital of Supermarket Grocery Supplies Private Ltd (BigBasket) & SGS’ sole control over Innovative Retail Concepts.
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, according to ANI.
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. SGS and Innovative Retail sell food, grocery, household items, personal and beauty care products through the BigBasket app.
(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)
