Competition Commission of India has approved transaction involving subscription of shares of Flipkart Private Limited by Shoreline International Holdings LLC. The proposed transaction comprises: (a) investment through subscription of shares of Flipkart Private Limited (Target) by Shoreline International Holdings LLC (Acquirer); and (b) an arrangement between an affiliate of the Acquirer and the Target’s subsidiary for the provision of certain services.

The Acquirer is a wholly owned subsidiary of Alphabet Inc. (collectively with all its subsidiaries, Google). The Acquirer is a holding company and does not own or operate any Google products or services. Google, however, offers various products and services.

The Target is a subsidiary of Walmart Inc. and ultimately belongs to the Walmart Group. The Target is principally an investment holding company, which, along with its direct and indirect subsidiaries, is primarily engaged in the business of wholesale cash and carry of goods and providing marketplace-based e commerce platforms to facilitate trade between customers and sellers in India.

Detailed order of the Commission will follow.

Competition approval granted for share subscription by foreign holding company with affiliated service arrangement in e commerce target. Competition approval was granted for Shoreline International Holdings LLC, a wholly owned subsidiary of Alphabet Inc., to subscribe for shares of Flipkart Private Limited, together with an arrangement between an affiliate of the Acquirer and a subsidiary of the Target for provision of certain services; the Acquirer is a holding company and the Target is an investment holding company in the Walmart Group operating wholesale and marketplace e-commerce businesses in India.