Infibeam takes control over CC Avenue for Rs 150 crore

Infibeam Incorporation, the only listed e-commerce company in India, has stated that it will take full control of payment gateway solutions provider CC Avenue by acquiring 7.5% stake for Rs 150 crore.

It will also acquire another 3.85% from NSI Infinium Global, fully-owned subsidiary of Infibeam, for Rs 60 crore..

Infibeam said, "With this, investment made by NSI in CC Avenue would be entirely liquidated. In this regard, the company has informed the exchanges that it has signed a binding addendum to the memorandum of understanding and made payment of Rs 150 crore to acquire 7.50% equity stake with control of CC Avenue."