New Delhi, April 29
The Competition Commission of India (CCI) has approved Tatas’ proposal to acquire up to 64.3% stake in BigBasket, a deal which will provide the diversified group a strong foothold in the fast-growing online grocery market.
Under the deal, Tata Digital Ltd (TDL) will purchase up to 64.3% of the total share capital of Supermarket Grocery Supplies Pvt Ltd (SGS) as well as SGS sole control over Innovative Retail Concepts Pvt Ltd.
SGS is into B2B (business-to-business) sales through the portal business.bigbasket.com.
Innovative Retail Concepts Pvt Ltd (IRC) is engaged in B2C (business-to-consumer) sales through www.bigbasket.com and related mobile applications.
A wholly-owned subsidiary of Tata Sons Pvt Ltd, TDL provides technology services related to identity and access management, loyalty programmes, offers and payments.
The deal involves TDL buying 64.3 per cent of the total share capital of SGS (on a fully diluted basis) through a combination of primary and secondary acquisitions, in one or more series of steps. This is the first transaction. — PTI
Under the deal, Tata Digital Ltd will purchase up to 64.3% of the total share capital of Supermarket Grocery Supplies Pvt Ltd (SGS) and SGS sole control over Innovative Retail Concepts Pvt Ltd