New Delhi, July 18 (IANS) - The Competition Commission of India (CCI) has approved Japan-based SoftBank's acquisition of 20% stake in One97 Communications, the firm which owns electronic payment and e-commerce company Paytm.
Last month, the company had filed a notice with CCI stating that: "The proposed combination involves the acquisition of equity shares of One97 Communications Limited (OCL) by SoftBank Group Corp. (SB Group) through SoftBank Group Capital Limited (SBGC)."
Paytm is One97's flagship brand and is India's largest digital goods and mobile commerce platform. Paytm is also a leading payment solutions provider to e-commerce merchants using its RBI approved semi-closed wallet.
At present, SoftBank Group, Alibaba Group, Ant Financial Services Group, SAIF Partners, Sapphire Ventures and MediaTek Inc. are investors in the company.