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CCI clears Delhivery's ₹1,400 crore acquisition of Ecom Express stake
Fair trade regulator CCI on Tuesday cleared logistics services provider Delhivery's proposal to acquire a majority stake in Ecom Express for about Rs 1,400 crore.
"The proposed combination comprises the acquisition of at least 99.44 per cent of the equity and preference shareholding (on a fully diluted basis) of Ecom Express Ltd (Ecom) by Delhivery Ltd," the Competition Commission of India (CCI) said in a release.
Delhivery is an integrated logistics player and provides a full-range of logistics services while Ecom Express is an unlisted entity which provides logistics solutions to the Indian e-commerce industry.
"CCI approves acquisition of at least 99.44 per cent of the equity and preference shareholding (on a fully diluted basis) of Ecom Express Ltd by Delhivery Ltd," the competition watchdog said in a post on X.
In April, Delhivery announced the acquisition of Ecom Express for a cash consideration of about Rs 1,400 crore to scale up its business.
The company said it has "signed a definitive agreement to acquire a controlling stake in Ecom Express for a cash consideration of around Rs 1,400 crore from its shareholders".
The company's board approved the "acquisition of shares equivalent to at least 99.4 per cent of the issued and paid up share capital, on a fully diluted basis, of Ecom Express Ltd for a purchase consideration not exceeding Rs 1,407 crore." This acquisition aims to enhance Delhivery's scale, thereby strengthening its value proposition to clients, the company said.
The turnover of Gurugram-based Ecom Express stood at Rs 2,607.3 crore in 2023-24 fiscal year as against Rs 2,548.1 crore in the preceding year.
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.
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