Aceville's stake acquisition in Flipkart gets CCI nod

By

Maverick Martins

Published
May 24, 2017

 The Competition Commission of India (CCI) approved the the acquisiton of up to 6.02 percent stake by Aceville Pte in Indian e-commerce giant Flipkart, a news agency reported.
 

Aceville Pte is principally an investment holding company incorporated in Singapore and currently does not carry out any business activities directly in India or elsewhere, according to CCI document. Aceville Pte operates as a subsidiary of Tencent Holdings Limited.
 
In a tweet, CCI said, @CCI_India approves acquisition of upto 6.02 percent stake by Aceville in Flipkart.

The proposed transaction by both the companies related to the proposed subscription of shares by Aceville of Flipkart which falls under section 5(a) of the Competition Act, 2002, according to the summary of combination filed by CCI.