CCI approves Aceville's stake acquisition 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".
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.