Chinese e-commerce company Alibaba has sought approval from the Competition Commission of India to acquire a stake in online grocery supplier BigBasket.
The Alibaba group plans to buy stake in Supermarket Grocery Supplies, which runs BigBasket, through its subsidiary Alibaba Singapore E-Commerce Private Limited, a notice by the anti-trust body said on Monday.
The notice did not have details of the proposed investment. The size of the investment is likely to be $200 million (Rs 1,310 crore), according to earlier reports by The Economic Times and VCCircle.
Earlier this year, Alibaba group invested $200 million in Paytm’s online marketplace unit, including $177 million from Alibaba Singapore E-Commerce Pvt Ltd said.
Investing in BigBasket could help the grocery company further strengthen its position in the Indian market.
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