The CCI has approved PayU India’s 100 percent acquisition of the online payment gateway provider BillDesk on Monday. Under the deal, PayU India has bought BillDesk for $4.7 billion. The CCI announced its approval through a tweet on Monday.
PayU India’s shares are indirectly held by Prosus NV, while BillDesk works under India Ideas Ltd (IIL) for providing payment aggregation services.
Prosus NV-backed PayU first announced the deal to buy 100 percent stake in BillDesk in August 2021. However, as the deal was beyond a certain threshold, it required approval from the CCI.
The CCI keeps a check on anti-competitive practices in the marketplace and holds the power to approve or reject merger and acquisition deals based on the fair market policies.