Home / Knowledge / News / Textiles / CCI permits Alibaba to acquire 4.14% stake in Snapdeal
CCI permits Alibaba to acquire 4.14% stake in Snapdeal
17
Oct '15
Chinese e-commerce giant Alibaba has received the go ahead from anti-trust regulator Competition Commission of India's (CCI) for buying 4.14 per cent stake in Snapdeal which has been raising funds from various investors in recent times, according to an agency report.

CCI has approved the "acquisition of approximately 4.14 per cent equity share capital of Jasper Infotech by Alibaba group", the regulator tweeted. New Delhi-based Jasper Infotech owns Snapdeal, one of India's three biggest e-tailers.

Approval is required from CCI, which keeps a tab on unfair business practices, for acquisitions beyond a certain threshold.

In August it was announced that Alibaba Group and Taiwan-based Foxconn Technology, among others, would invest $500 million (about Rs 3,269 crore) in Snapdeal.

Jasper Infotech had not specified the individual investments being made while FIH Mobile Ltd -- a unit of Foxconn -- had said that it was picking up 4.27 per cent stake in the company for $200 million.

Existing investors Temasek Holdings Pte, BlackRock Inc, Myriad and Premji Invest had also participated in the fund raising. (SH)

Fibre2Fashion News Desk – India


Must ReadView All

Textiles | On 19th Sep 2017

Maharashtra govt plans 9 textile parks for value-addition

Maharashtra plans to set up nine textile parks in the northern...

Textiles | On 19th Sep 2017

New Delhi urged to include textiles in MERCOSUR PTA talks

The Indian Texpreneurs Federation (ITF) has appealed to the commerce...

Textiles | On 19th Sep 2017

HSBC report says India to be 3rd largest economy by 2028

India is expected to surpass Germany and Japan to become the third...

Interviews View All

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Top executives
Textile industry

The foremost issue is bridging the skill gap

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

September 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search