The Competition Commission of India (CCI) has approved acquisition by Tata Digital Limited of up to 64.3% of the total share capital of Big Basket owner Supermarket Grocery Supplies Private Ltd (SGS) and SGS' sole control over Innovative Retail Concepts Private Limited.
The proposed combination involved the acquisition by Tata Digital Limited (TDL) of up to 64.3% 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 (Transaction 1).
Subsequently, through a separate transaction, SGS may acquire sole control over Innovative Retail Concepts Private Limited (IRC) (Transaction 2). Transaction 1 and Transaction 2 are collectively referred to as the Proposed Combination. The Proposed Combination will result in the acquisition by TDL of a majority stake of and control over SGS, said a statement.
TDL, wholly owned subsidiary of Tata Sons, is engaged in the business of providing technology services related to identity & access management, loyalty program, offers and payments. SGS is engaged in online B2B sales through Bigbasket.
