CCI approves Flipkart's plan to acquire a minority stake in Aditya Birla Fashion
Following the infusion of an investment of Rs 1,500 crore ($225.5 million), Flipkart Group will own a 7.8% equity stake in Aditya Birla Fashion and Retail Limited on a fully diluted basis, the Press Trust of India reported. Aditya Birla Fashion had itself approved the fund raising plan in October last year.
“Commission approves acquisition of a 7.8% minority stake in Aditya Birla Fashion and Retail Ltd by Flipkart Investments Private Ltd," said the CCI in a tweet.
Upon completion of the issuance, Aditya Birla Fashion’s promoter and promoter group companies will hold around 55.13% of the business, according to a regulatory filing made by the business.
Aditya Birla Fashion both manufactures and retails clothing, footwear, and accessories for a number of brands including Louis Philippe, Pantaloons, Van Heusen, and Madura F&L, among others. The business runs e-commerce stores, multi-brand outlets, and department stores, as well as single-brand stores.
Flipkart Investments Private Ltd is a wholly-owned subsidiary of Flipkart Private Limited, which is owned by U.S.-based business, Walmart.
Copyright © 2021 FashionNetwork.com All rights reserved.