Competition watchdog clears Google bid to buy stake in Flipkart

The Competition Commission of India (CCI) on Tuesday approved the acquisition of “minority and non-controlling” shares in Flipkart by Google parent Alphabet Inc.’s subsidiary Shoreline International Holdings.

The antitrust body said though Shoreline is a wholly owned subsidiary of Google’s parent, it does not have direct involvement in Google products or services.

The transaction includes two components: Shoreline’s investment in Flipkart through share subscription, and a service arrangement between an affiliate of Shoreline and a Flipkart subsidiary, CCI said in a statement.

Flipkart, a Walmart Inc. subsidiary, operates under the Walmart Group and serves as an investment holding company.

Through its subsidiaries, Flipkart focuses on wholesale cash-and-carry operations and runs a marketplace-based e-commerce platform facilitating trade between buyers and sellers in India.

In May, Flipkart, secured funding of approximately $1 billion, of which $350 million were contributed by Google.

At the time, the company had said that the deal would require regulatory approvals Walmart, which holds an 85% stake in Flipkart, also participated in the funding, investing $600 million.