PIB News Update: The Competition Commission of India (CCI) approves investment in Ecom Express Private Limited (Ecom) by CDC Group plc (CDC), under Section 31(1) of the Competition Act, 2002
The Proposed Combination relates to investment in Ecom by CDC.
CDC is a Development Finance Institution, wholly owned by the DFID, UK Government, which is stated to provide scarce and patient capital to private sector entrepreneurs in developing countries.
Ecom is engaged in delivery, fulfilment & warehousing and digital services such as e-KYC facilitation for the customers of banks, NBFCs and other companies that require such services; facilitation towards verification of the assets of said customers; facilitation towards contact point verification of said customers; and facilitation of the Digital Original Seen and Verified service.
Detailed order of the CCI will follow.