Flipkart co-founder Sachin Bansal has received the clearance of the Competition Commission of India (CCI) for acquiring Essel Mutual Fund, as he continues to spread his financial services investments.
In its communique, the CCI said that it has given its nod to the proposal under its ‘green channel’ route, a mechanism that it made operational in August.
The mechanism enables the regulator to give nod to certain amalgamations and acquisitions swifter if there are no discrepancies and if the aligning parties have no complementary business activities.
Bansal will be acquiring Essel MF via his investment wing BAC Acquisitions Pvt. Ltd and Chaitanya India Fin Credit Pvt. Ltd.
Bansal had founded BAC in December last year, a few months post selling his stake in Flipkart to Walmart Inc.
Chaitanya India Fin is a microlending firm of Chaitanya Rural Intermediation Development Services Pvt. Ltd, which Bansal took over last month.
The acquisition is awaiting approval from the Securities and Exchange Board of India.