India´s regulator approves Flipkart s minority stake acquisition in ABFRL
By Angela Gonzalez-Rodriguez
21 Jan 2021
The Competition Commission of India (CCI) approved on Wednesday Flipkart’s acquisition of a minority stake in Aditya Birla Fashion and Retail Ltd (ABFRL). India´s e-commerce giant Flipkart proposed to acquire 7.8 percent stake in ABFRL through its wholly-owned subsidiary Flipkart Investments Private Ltd (FIPL).
Conversely, in October last year, Aditya Birla Fashion’s board had approved plans to issue a 7.8 percent stake on a preferential basis to Walmart-owned Flipkart Group. After the dilution of the 7.8 percent stake, the promoter and promoter group companies of ABFRL will hold around 55.13 percent stake.