CCI approves Aceville's stake acquisition in Flipkart
The Competition Commission of India (CCI) has said on Twitter on Tuesday that it has approved Singapore-based private investment holding company Aceville's acquisition of up to 6.02% stake in Flipkart.
The Competition Commission has given its nod to the Aceville's acquisition of stake in e-commerce major Flipkart.
In a tweet, the Competition Commission of India (CCI) said that it has approved "acquisition of up to 6.02% stake by Aceville in Flipkart".
.@CCI_India approves acquisition of upto 6.02 percent stake by Aceville in Flipkart
— CCI (@CCI_India) May 23, 2017
As per the notice submitted to the fair trade regulator, "the proposed transaction relates to the proposed subscription of shares by Aceville of Flipkart".
ALSO READ: Snapdeal-Flipkart deal may leave staff richer by Rs 193 crore
Aceville is a private investment holding company incorporated in Singapore and currently does not carry out any business activities directly in India or elsewhere.
Flipkart, along with its various direct and indirect subsidiaries, both in India and elsewhere is primarily engaged in the business of wholesale cash and carry of goods and providing marketplace based e-commerce platforms to facilitate trade between customers and sellers.
In India, Flipkart is also engaged in certain ancillary business activities, such as logistics, digital payment and other technology based services.
ALSO READ: Snapdeal founders agree to $15 million each deal with SoftBank for sale to Flipkart
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
IPL Auction 2025 Free Live Streaming: When and where to watch Indian Premier League 2025 mega auction live online, on TV, Mobile Apps, and Laptop?
Tamil Nadu Weather Alert: Chennai may receive heavy rains; IMD issues yellow & orange alerts in these districts
SIP vs PPF: How much corpus you can build in 15 years by investing Rs 1.5 lakh per year? Understand through calculations
SBI Senior Citizen Latest FD Rates: What senior citizens can get on Rs 7 lakh, Rs 14 lakh, and Rs 21 lakh investments in Amrit Vrishti, 1-, 3-, and 5-year fixed deposits
07:51 PM IST