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Flipkart's 7.8 per cent acquisition of Aditya Birla Fashion and Retail gets CCI nod

By TIOL News Service

NEW DELHI, JAN 21, 2021: THE Competition Commission of India (CCI) on Wednesday approved a Rs. 1,500-crore deal, allowing e-commerce marketplace Flipkart to acquire a 7.8 per cent equity stake in Aditya Birla Fashion and Retail.

"Commission approves acquisition of a 7.8 per cent minority stake in Aditya Birla Fashion and Retail Ltd (ABFRL) by Flipkart Investments Pvt Ltd (FIPL)," India's nodal anti-trust regulator said on Twitter.

The proposed combination will allow FIPL to acquire minority shareholding on a fully diluted basis in ABFRL, by way of subscription equity shares.

Flipkart and Aditya Birla had announced the agreement in October last year with the former acquiring shares prices at Rs. 205 each.

On completion of this transaction, Aditya Birla would have successfully executed a capital raise of Rs. 2,500 crore since 01-04-2020, the company had said.

ABFRL is India's largest pure-play fashion and lifestyle manufacturing and retail company with stores, multi-brand outlets, departmental stores, online retail platforms and e-commerce marketplaces.

Separately, the fair trade regulator also cleared acquisition of Altico Capital India by Ares SSG Capital Management (Singapore), and a 9.9 per cent stake acquisition in Max Life Insurance Company by Axis Bank, Axis Capital and Axis Securities.