The Tata group is buying a 68 per cent stake in Big Basket selling grocery stores online for about Rs 9,500 crore. The group is making this acquisition as part of an effort to expand into the fast-growing e-business segment in India. Sources involved with the case said that the Tata group, which has built salt-to-software, had been working for months to buy a majority stake in the Bangalore-based startup.
The group has reached agreement on the deal. The deal provides an exit route for investors in Big Basket, including Alibaba controlled by Chinese industrialist Jack Ma.
Deals with two companies of ICICI Bank
ICICI Bank said on Tuesday that it would buy stakes in two financial technology (fintech) companies ‘Citicash and Tillayas Analytical Solutions’ for Rs 6.03 crore. CityCash is a payment technology company based on bus operations, providing ticket system technology to state transport corporations.
The deal will be completed by the end of March 2021
According to two separate deals conducted by the bank, ICICI Bank will buy a 5.93 per cent stake in Citicash for Rs 4.93 crore and Tillaiyaz Analytical Solutions Pvt Ltd for 9.65 per cent for Rs 1.1 crore. The bank said in separate information to the stock markets that both the deals are expected to be completed by the end of March 2021.
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