BigBasket’s board approves Tata Group acquisition
What is the news?
A source knowledgeable of the case claimed that BigBasket’s board authorised the purchase by Tata Group of a majority interest in 64 per cent of the food business. An initial capital injection of $200 million was also given to the Bengaluru headquartered firm, with a posterior value of 2 billion dollars, this individual.
Further Information
The Competition Commission of India stated the business that manages BigBasket Tata Digital is the wholly-owned subsidiary of Tata Sons. It has authorised the acquisition of as much as 64.3 per cent of supermarket food supply and its sole control of Innovative Data Concepts Tata Digital. While Supermarket Grocery Supplies operates the company to its division, BigBasket is operated by Innovative Retail Concepts.
