New Delhi, Dec 3 (PTI) The Competition Commission of India (CCI) on Tuesday cleared MUFG Bank's and American conglomerate Koch Group's proposed acquisition of shareholding in logistics aggregator Shiprocket.
"The proposed combination envisages acquisition of certain shareholding of Shiprocket Pvt Ltd by MUFG Bank Ltd," the CCI said in a release.
MUFG Bank is a wholly-owned subsidiary of Mitsubishi UFJ Financial Group, Inc. (MUFG), being the ultimate parent company. It is engaged in banking services in India.
In another release, fair trade regulator CCI said the proposed combination envisages acquisition of certain shareholding in Shiprocket Pvt Ltd by KDT Venture Holdings, LLC.
KDT Venture Holdings LLC is an early-stage venture capital firm.
It is a wholly owned subsidiary company of Koch, Inc.
Koch is one of the largest private companies in the US after multinational food corporation Cargill Inc.
Shiprocket operates a logistics platform whereby it provides logistics services to other businesses, domestically and internationally, through logistics service providers listed on its platform.
"CCI approves the acquisition of certain shareholding of Shiprocket Private Limited by MUFG Bank Ltd and KDT Venture Holdings, LLC," the competition watchdog said.
In October, Shiprocket reported a widening of loss to Rs 595 crore in the financial year 2024 on account of one-time restructuring cost, employee stock ownership plan and investments in emerging business.
The company had posted a loss of Rs 340 crore in 2022-23.
The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.