A naukri.com initiative
Economic Times
3w
404
Image Credit: Economic Times
Japan's MUFG Bank, Koch Group seek CCI nod to acquire minority stakes in Shiprocket
- MUFG Bank and Koch Group have requested approval from the Competition Commission of India to purchase minority stakes in logistics aggregator Shiprocket.
- MUFG Bank's acquisition of a minority shareholding is associated with logistics services.
- Koch Group's KDT Venture Holdings has also proposed to acquire a minority shareholding in Shiprocket.
- Koch is one of the US's largest private businesses, and the Koch Group is a subsidiary of KDT.
- The proposed transactions entail share acquisition and are covered by Section 5 of the Competition Act, 2002.
- MUFG Bank and Koch Group said that proposed transactions do not cause any competition concerns.
- Projects like enterprise resource planning services, warehouse management systems, and warehousing services could fall under notional overlaps between Shiprocket and the Koch Group.
- Shiprocket has seen an increase in revenue, though it posted a loss of Rs 595 crore in the fiscal year 2024.
- The company aims to achieve full profitability in the current fiscal year.
- It states that its cash flow burn decreased to Rs 100 crore in FY'24 from Rs 191 crore in FY'23.
Read Full Article
24 Likes
For uninterrupted reading, download the app