Flipkart-Aditya Birla Fashion deal gets approval from CCI

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The Competition Commission of India (CCI) has approved the Rs 1,500-crore Flipkart-Aditya Birla Fashion deal, giving a leg-up to the online fashion retail business of the Walmart Inc.-owned company.
Commission approves acquisition of a 7.8% minority stake in Aditya Birla Fashion and Retail Ltd by Flipkart Investments Private Ltd.
The Flipkart-ABFRL deal, announced in October 2020, will give much-needed capital to Aditya Birla Fashion Retail Ltd., at a time when the pandemic kept its stores closed and offices shut for most of last year. The company operates Pantaloons and is the owner of office-wear brands such as Allen Solly and Peter England.
ABFRL, which has a network of 3,004 stores, plans to use the funds to strengthen its balance sheet, scale up existing businesses and increase its presence in emerging high-growth categories such as innerwear, athleisure, casual and ethnic wear.