Competition Commission of India (CCI) has approved the acquisition of certain shareholding of Shiprocket Private Limited by MUFG Bank, Ltd.

The Proposed Combination envisages acquisition of certain shareholding of Shiprocket Private Limited (Target) by MUFG Bank, Ltd. (Acquirer).

The Acquirer is incorporated in Japan and is a wholly-owned subsidiary of Mitsubishi UFJ Financial Group, Inc. (MUFG), being the ultimate parent company. It is engaged in banking services in India.

The Target operates a logistics platform whereby it provides logistics services to other businesses, domestically and internationally, through logistics service providers listed on its platform.

Detailed order of the Commission will follow.

Competition approval permits MUFG Bank's acquisition of Shiprocket shareholding, allowing banking sector investor to enter logistics platform ownership. CCI approved the proposed combination in which MUFG Bank, Ltd., a Japan incorporated bank and wholly owned subsidiary of Mitsubishi UFJ Financial Group, will acquire certain shareholding in Shiprocket Private Limited, which operates a digital logistics platform connecting businesses with third party logistics service providers; a detailed Commission order will follow.