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 21st Jul 2017

No shortage of cotton & yarn in country: Minister

There is no shortage of cotton and yarn in the country, and the...

Pic courtesy: Sutlej Textiles & Industries Ltd

Textiles | On 21st Jul 2017

Sutlej Textiles’ Q1 FY18 EBITDA expands to Rs 76.28 cr

Sutlej Textiles and Industries Ltd (STIL), one of India’s largest...

Textiles | On 21st Jul 2017

CAI revises 2016-17 cotton crop to 337.25 lakh bales

Cotton Association of India (CAI) has upwardly revised cotton crop...

Interviews View All

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Sonia Agarwal
Whitenife

‘The terms eco-friendly and organic are common but everyone perceives them ...

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

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

July 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

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

Yes No

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

Yes No

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


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



X