CCI approves e-commerce giant Flipkart’s acquisition of 7.8 percent stake in Aditya Birla Fashion – Business News , Firstpost

Flipkart and Aditya Birla Fashion had introduced the settlement in October 2020 in which Aditya Birla Fashion could be issuing a 7.8 percent stake to Flipkart on a preferential foundation.

The Competition Commission of India (CCI) on 20 January accepted a Rs 1,500 crore deal between Aditya Birla Fashion and Flipkart, which permits the latter, Flipkart Investments Private Limited (FIPL), to amass 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-belief regulator, mentioned in a social media replace.

In October final 12 months, Aditya Birla Fashion’s board had accepted plans to boost Rs 1,500 crore by issuing a 7.8 per cent stake on a preferential foundation to Walmart-owned Flipkart Group. After the dilution of the 7.8 per cent stake, the promoter and promoter group firms of ABFRL will maintain round 55.13 per cent stake.

Aditya Birla Fashion and Retail Ltd (ABFRL) is engaged in the enterprise of manufacturing and retailing branded apparels, footwear and equipment, by its retail shops, multi-model retailers, departmental shops, on-line retail platforms and e-commerce marketplaces, throughout India.

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

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