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Tata’s tryst with e-grocery starts with a billion dollar acquisition of BigBasket – here’s why it could be a sweet deal for both
Tata’s tryst with e-grocery starts with a billion dollar acquisition of BigBasket – here’s why it could be a sweet deal for both
Sanchita DashMar 13, 2021, 10:01 IST
BI India/BCCL
Tata Digital, a subsidiary of the Tata Group, moved the Competition Commission of India for an approval of its stake in BigBasket.
Tata is set to acquire a 64.3% stake in the grocery unicorn.
Here’s a deep dive into the deal and why the 152-year old conglomerate is interested in the 10-year old startup.The Tata Group has reportedly acquired a 64.3% stake in Indian grocery unicorn BigBasket. The deal which would cost the 152-year old conglomerate as much as $1.3 billion has been many months in the making, with the Tatas inherent wish to become a majority player in the Indian e-commerce market.
MUMBAI: The central bank has asked several non-bank finance companies (NBFCs), housing finance companies and co-operative banks to get their house in order over the anti-money laundering monitoring mechanism and risk-based assessment, two people with knowledge of the matter said.
The Reserve Bank of India has raised concerns around these mechanisms for at least 50 entities, and asked them to complete these tasks by the end of March. The fear, say insiders, is the upcoming Financial Action Task Force (FATF) inspection, or the audit of the Indian banking sector by the intergovernmental organisation to combat money laundering and terror financing.
Some of the top banks have been able to comply with the RBI’s framework but the smaller ones have been struggling, the people said.
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