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SoftBank Investment in Paytm Parent Gets Approval From Competition Commission of India

SoftBank Investment in Paytm Parent Gets Approval From Competition Commission of India

By Press Trust of India | Updated: 19 July 2017 09:36 IST

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Highlights

CCI has approved SoftBank's 20% stake purchase in Paytm's parent company
Paytm operates under its parent company One97 Communications
In May, SoftBank had invested $1.4 billion in Paytm

Japanese conglomerate SoftBank's 20 percent stake purchase in One97 Communications, which operates digital payments platform Paytm, has been approved by the Competition Commission.

In a tweet, the Competition Commission of India (CCI) said that it has approved "acquisition of 20 percent stake in One97 Communications Ltd by SoftBank Group Corp".

As per a notice submitted by SoftBank to the fair-trade regulator, the combination involves the acquisition of equity shares of One97 Communications Ltd (OCL) by SoftBank Group Corp through SoftBank Group Capital.

In May, SoftBank said it has pumped in $1.4 billion (over Rs. 9,079 crores) in Paytm, marking the largest fund infusion by a single investor in an Indian startup.

SoftBank Group Capital is a wholly-owned subsidiary of SoftBank Group Corp.

OCL is a mobile Internet company and also provides telecommunications value added services. The firm's product segments include mobile payment services and network component services, among others.

Disclosure: Paytm's parent company One97 is an investor in NDTV's Gadgets 360.

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Further reading: Paytm, SoftBank, One97 Communications, Apps, E Commerce, CCI