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CCI Approves PayU Payment's Acquisition Of BillDesk

The proposed combination relates to the acquisition of 100 per cent of the equity share capital of India Ideas Ltd (IIL) by PayU India

CCI Approves PayU Payment's Acquisition Of BillDesk
POSTED ON September 06, 2022 3:00 PM

The Competition Commission of India (CCI) on Monday granted its approval for the acquisition of 100 per cent equity of indiaideas.com (BillDesk) by PayU Payments.

The proposed combination relates to the acquisition of 100 per cent of the equity share capital of India Ideas Ltd (IIL) by PayU India.

In a tweet on Monday, CCI said it approved, "acquisition  of 100% of the equity share capital of IndiaIdeas.com (BillDesk) by PayU Payments."

In August 2021, Prosus NV-backed PayU announced that it will buy digital payments provider BillDesk for $4.7 billion (about Rs 34,376.2 crore), making it one of the biggest deals in the Indian consumer internet space.

PayU India provides payment aggregation services. The latter's shares are indirectly held by Prosus NV, while IIL uses the name 'BillDesk' and provides payment aggregation services.

In another tweet, the competition watchdog said it has cleared the acquisition of an additional stake in Apraava Energy by CDPQ Infrastructures Asia II.

The proposed combination pertains to the acquisition of an additional 10 per cent stake in Apraava by CDPQ (acquirer) from CPL GPEC (Mauritius) Holding Limited.

The acquirer presently holds 40 per cent shareholding in Apraava Energy.

In July, CDPQ and CLP Group announced that they have reached an agreement for the sale of a 10 per cent stake in Apraava Energy to CDPQ, bringing their respective stakes in the company to 50 per cent.

CDPQ Infrastructures Asia II is a wholly-owned subsidiary of CDPQ, a global investor, while Apraava Energy is foreign investment in the Indian power sector with investments spread across renewable and non-renewable energy.

Deals beyond certain thresholds require approval from CCI which keeps a tab on anti-competitive practices in the marketplace. 

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