Flipkart’has received approval from Competition Commission of India (CCI) for acquisition of eBay’s India business. CCI, India approves subscription by eBay Singapore of CCPS issued by Flipkart and acquisition of eBay India by Flipkart, it said in a Tweet. The notice published on the CCI website says that the proposed transaction relates to the acquisition of certain compulsorily convertible preference shares of Flipkart, by eBay Singapore, and the acquisition of 100% share capital of eBay India, by Flipkart. In April this year, Flipkart raised $1.4 billion at a valuation of $11.6 billion from Tencent, eBay and Microsoft. Along with the investment, the global e-commerce company eBay sold its India unit to Flipkart in exchange for equity in the company. eBay.in continues to operate as an independent entity which is owned and operated by Flipkart. As a result of…
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