The Competition Commission of India (CCI) has granted its approval to the Rs 1,500 crore Flipkart-Aditya Birla Fashion and Retail Ltd (ABFRL) deal. The agreement will be helping the Walmart Inc-owned e-tailer consolidate its position in the apparel business.
CCI said in a tweet, “Commission approves acquisition of a 7.8 percent minority stake in Aditya Birla Fashion and Retail Ltd by Flipkart Investments Private Ltd.”
The Flipkart-ABFRL deal was announced last October. This agreement will help Aditya Birla Fashion cut its debt and expand into new apparel categories. It will also give Flipkart a significant edge over Amazon.
With this agreement, Flipkart will work closely with Aditya Birla Fashion for the sales and distribution of its brands. Flipkart is also operating India’s largest online fashion marketplace Myntra.
Kalyan Krishnamurthy, CEO of Flipkart Group, had said in October, “Through this transaction with ABFRL, Flipkart will work towards making available a wide range of products for fashion-conscious consumers across different retail formats.”
Somany Impresa Group has announced the appointment of Shashvat Somany as the Head of Strategy. This strategic move signifies a significant step in the Group's expansive plans across its various companies, including AGI Greenpac, Hindware Home Innovation Limited, and Hindware Limited. Shashvat will play a crucial role in shaping the long-term strategic direction, collaborating closely with business leaders for the Group's ambitious growth and diversification.
In his new role, Shashvat will take charge of steering the Group's innovation and business expansion initiatives. His primary focus will be on leading AGI's global expansion initiatives, formulating a strategic roadmap to establish a strong international presence. Shashvat will also be tasked with exploring strategic partnerships, fostering innovative collaborations, and evaluating potential ventures to further enhance the Group's presence in the building products and packaging products sector.
Beyond these strategic initiatives, Shashvat will concentrate on enhancing the capabilities of the data and analytics teams, contributing to the Group's digitalization efforts. His primary objective is to ensure a comprehensive and forward-looking integration of technology across the businesses, positioning Somany Impresa Group for success in the digital age.
"I am thrilled to embark on this new chapter with Somany Impresa Group. The Group's commitment to innovation and forward-thinking approach is truly inspiring. I am confident that my experience and collaborative spirit will contribute to our ambitious expansion and diversification goals,” said Shashvat Somany, Head of Strategy, Somany Impresa Group.
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