Tatas acquisition of BigBasket gets CCI nod

The Competition Commission of India (CCI) has approved acquisition by Tata Digital Limited of up to 64.3% of the total share capital of Supermarket Grocery Supplies Private Ltd (SGS) and its sole control over Innovative Retail Concepts (IRC), the company that runs BigBasket.

The proposed combination involves acquisition through a combination of primary and secondary acquisitions in one or more series of steps. Through a separate transaction, SGS may acquire sole control over IRC, the Ministry of Corporate Affairs said in a statement

Tatas have been looking to buy into BigBasket for the past many months and the proposed deal also provides an exit route for a host of investors, including Chinese billionaire Jack Ma-controlled Alibaba.