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  Business   Companies  18 Jul 2017  SoftBank's investment in Paytm gets CCI green signal

SoftBank's investment in Paytm gets CCI green signal

PTI
Published : Jul 18, 2017, 7:16 pm IST
Updated : Jul 18, 2017, 7:16 pm IST

SoftBank's 20 per cent stake purchase in One97 Communications, which operates digital payments platform Paytm.

SoftBank said it has pumped in USD 1.4 billion (over Rs 9,079 crore) in Paytm
 SoftBank said it has pumped in USD 1.4 billion (over Rs 9,079 crore) in Paytm

New Delhi: Japanese conglomerate SoftBank's 20 per cent 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 per cent 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 USD 1.4 billion (over Rs 9,079 crore) in Paytm, marking the largest fund infusion by a single investor in an Indian start-up.

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.  

 

Tags: softbank, paytm, cci, investment
Location: India, Delhi, New Delhi