CCI approves Alphabet's Shoreline to acquire stake in Flipkart
This acquisition is part of ongoing investments in Flipkart, following a recent funding round in May that raised approximately $1 billion, with $350 million from Google.
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The Competition Commission of India (CCI) has approved a deal that will allow Alphabet's subsidiary, Shoreline International Holdings LLC, to acquire a stake in Flipkart, a major e-commerce platform owned by Walmart, PTI reported.
Shoreline International Holdings, a fully-owned subsidiary of Alphabet, is a holding company and does not directly manage or offer any Google services or products. The deal involves Shoreline subscribing to shares in Flipkart Pvt Ltd and includes an arrangement with a Flipkart subsidiary for the provision of certain services.
Flipkart, which operates as part of Walmart Group, specializes in wholesale trade and operates an e-commerce marketplace connecting buyers and sellers across India.
This acquisition is part of ongoing investments in Flipkart, following a recent funding round in May that raised approximately $1 billion, with $350 million from Google. Walmart, which holds an 85% stake in Flipkart, also contributed $600 million to the round.
In another development on Tuesday, the CCI approved MUFG Bank's acquisition of an additional stake in DMI Finance Pvt Ltd. The acquisition will increase MUFG Bank’s shareholding to 20% in the Delhi-based digital finance company, which offers loans to individuals and small businesses. MUFG Bank, a subsidiary of Mitsubishi UFJ Financial Group, plans to invest approximately Rs 2,798.8 crore (around JPY 49 billion) in DMI Finance. This makes MUFG the second-largest shareholder in the digital lender, after DMI Ltd, Mauritius.
Both deals received regulatory approval as they crossed specific thresholds that require the CCI’s review to ensure fair competition and prevent anti-competitive practices.
