Japanese conglomerate SoftBank’s 20% stake purchase in One97 Communications, which operates digital payments platform Paytm, has been approved by the Competition Commission. In a tweet, the Competition Commission of India (CCI) said that it has approved “acquisition of 20% stake in One97 Communications Ltd by SoftBank Group Corp”. Also Read - Alert! Paytm cashback scam: Fake Paytm website, it's a trick to steal your moneyAlso Read - 5 apps helping people get through the COVID-19 second wave: Twitter, CoWIN, Aarogya Setu
As per a notice submitted by SoftBank to the fair-trade regulator, the combination involves the acquisition of equity shares of One97 Communications Ltd (OCL) by SoftBank Group Corp through SoftBank Group Capital. In May, SoftBank said it has pumped in $1.4 billion (over Rs 9,079 crore) in Paytm, marking the largest fund infusion by a single investor in an Indian start-up. ALSO READ: Former Softbank president Nikesh Arora in the race for Uber CEO: Report
SoftBank Group Capital is a wholly-owned subsidiary of SoftBank Group Corp. OCL is a mobile internet company and also provides telecommunications value added services. The firm’s product segments include mobile payment services and network component services, among others.