The Competition Commission of India (CCI) on Tuesday approved FedEx India’s acquisition of a minority stake in Delhivery.
It has also given nod to the acquisition of certain operating assets of FedEx India and TNT India by Delhivery.
In addition, Delhivery Pvt Ltd will acquire certain operating assets pertaining to the domestic business of FedEx Express Transportation and Supply Chain Services (India) Pvt Ltd.
Some customers and employees of FedEx India will also be transferred to Delhivery, subject to obtaining their consent.
“TNT India’s role in the combination is limited to the transfer to Delhivery of certain operating leases (along with associated assets) and employees, subject to their consent,” it said.
The entities also propose to enter into certain interconnected and ancillary transactions, it added.
“The proposed combination will have no impact on the competitive landscape in any potential relevant market in India, in any manner,” the notice further added.
TNT India is part of the FedEx group. Delhivery and FedEx India are engaged in providing logistics solutions.
“Commission approves acquisition of a minority stake of Delhivery by FedEx India and acquisition of certain operating assets of FedEx India and TNT India by Delhivery,” a tweet by the regulator said.
These developments come amidst the backdrop of Delhivery filing for an initial public offering (IPO) to raise up to Rs 7,400 crore. The IPO of Delhivery will consist of a fresh issue of shares worth Rs 5,000 crore and an offer for sale of Rs 2,460 crore from some of the existing investors.
Delhivery has been backed by SoftBank, Tiger Global, Times Internet, Carlyle Group, Steadview Capital, and Addition. It has cumulatively raised around $1.37 billion in funding.
Delhivery joins the list of Indian startups taking the public route and tapping into the investor enthusiasm for technology-led businesses.
In a creative move to attract and retain talent, direct-to-consumer meat and meat products brand Licious has announced daily vesting of Employee Stock Ownership Plan (ESOPs) for employees after the mandatory period of one year is over for the employee holding the shares.
Employees will also be able to liquidate their shares in the company at any time, according to a statement issued by the company. Licious will set aside a pool of secondary funds every year to allow for liquidation.
The current scheme, which comes into effect on January 1, 2022, will benefit nearly 1,000 employees who hold shares in the company, which was valued at $1.05 billion in its latest round of funding in October led by IIFL’s Late Stage Tech Fund and Avendus. Newly issued ESOPs by the company will also fall under the plan, said the statement.
In a creative move to attract and retain talent, direct-to-consumer meat and meat products brand Licious has announced daily vesting of Employee Stock Ownership Plan (ESOPs) for employees after the mandatory period of one year is over for the employee holding the shares.
Employees will also be able to liquidate their shares in the company at any time, according to a statement issued by the company. Licious will set aside a pool of secondary funds every year to allow for liquidation.
The current scheme, which comes into effect on January 1, 2022, will benefit nearly 1,000 employees who hold shares in the company, which was valued at $1.05 billion in its latest round of funding in October led by IIFL’s Late Stage Tech Fund and Avendus. Newly issued ESOPs by the company will also fall under the plan, said the statement.
Source : Your Story
