Alphabet gets fare trade regulator's clearance to acquire stake in Flipkart

The Competition Commission connected Tuesday granted support to Alphabet's limb Shoreline International Holdings LLC to get a involvement successful Walmart radical steadfast Flipkart.

Shoreline International Holding is simply a wholly-owned subsidiary of Google's genitor steadfast Alphabet Inc. It is simply a holding institution and does not ain oregon run immoderate Google products oregon services.

"The projected transaction comprises an concern done subscription of shares of Flipkart Pvt Ltd (Target) by Shoreline International Holdings LLC (Acquirer) and an statement betwixt an affiliate of the acquirer and the target's subsidiary for the proviso of definite services," the regulator said successful a release.

"Commission approves transaction involving subscription of shares of Flipkart Pvt Ltd by Shoreline, an Alphabet, Inc subsidiary," the regulator said successful a station connected X.

Flipkart is simply a subsidiary of Walmart Inc and yet belongs to the Walmart Group. It is chiefly engaged successful the concern of wholesale currency and transportation of goods and providing marketplace-based e-commerce platforms to facilitate commercialized betwixt customers and sellers successful India.

In May this year, Walmart-owned Flipkart has closed a backing circular of astir USD 1 cardinal that includes USD 350 cardinal from Alphabet's Google.

US retail elephantine Walmart, which holds an 85 per cent holding successful the Indian ecommerce large Flipkart, has invested USD 600 cardinal successful the fundraise that kicked disconnected past year.

In a abstracted merchandise connected Tuesday, the Competition Commission of India (CCI) approved the acquisition of further involvement of DMI Finance Pvt Ltd by MUFG Bank, Ltd.

Delhi-based DMI Finance is simply a digital-led non-banking concern institution that offers loans to individuals and tiny businesses.

The projected operation envisages acquisition of further securities of DMI Finance Pvt Ltd (DMI Finance) by MUFG Bank, Ltd, specified that MUFG Bank's shareholding volition summation to 20 per cent of the stock superior of DMI Finance, CCI said.

MUFG Bank is simply a Tokyo-headquartered banking institution. MUFG Bank is wholly owned and controlled by Mitsubishi UFJ Financial Group, Inc, which is simply a fiscal services and holding company.

MUFG Bank successful India provides firm banking loans, deposit accounts, remittances, commercialized concern and slope guarantees.

In August, Mitsubishi UFJ Financial Group, Inc (MUFG) and its subsidiary, MUFG Bank announced that the slope volition marque an further concern of Rs 2,798.8 crore (approximately JPY 49 billion) successful DMI Finance, a integer fiscal services concern successful India.
MUFG valued DMI Finance astatine USD 3 billion, becoming the integer lender's 2nd largest shareholder aft DMI Ltd, Mauritius.

Deals beyond a definite threshold necessitate support from the regulator, which keeps a tab connected unfair concern practices and promotes just contention successful the marketplace.