The Competition Commission of India (CCI) in a tweet said that “It has approved the acquisition of 20% stake in One97 communications LTD by Japanese Tech giant Softbank Group Crop”.
.@CCI India approves acquisition of 20 percent stake in One97 Communications Limited by SoftBank Group Corp”
— CCI (@CCI_India) July 18, 2017
According to the notice submitted by Softbank to the fair-trade regulator, the combination involves the acquisition of the equity shares of One97 Communication Ltd (OCL) by Softbank Group Capital.
Last May, Softbank announced that it has invested $1.4 billion (over Rs 9,097 crore) in Paytm, marking the largest investment by single investor in an Indian Startup.