CCI nod to Visa's stake purchase in payment processing firm Billdesk

The Competition Commission has cleared the US-based firm Visa's minority stake purchase in domestic payments processing company Billdesk. The US-based payment processing firm in November 2018 had said that it has picked up a minority stake in Billdesk which is operated by Mumbai-based IndiaIdeas.com Ltd. The amount for the deal was however not disclosed. In a tweet on Thursday, the Competiton Commission of India (CCI) said it "approves the acquisition of shares by Visa in IndiaIdeas."

The CCI also tweeted that it has approved the acquisition of shares in Billdesk by Claymore Investments (Mauritius), a wholly-owned subsidiary of Temasek Holdings and the Netherland-based Springfield Investments International. In the case of Springfield, the CCI said it has approved the acquisition of 3.28 per cent stake in Billdesk while Claymore, post-acquisition, would hold less than 10 per cent stake in payments processing firm. Mergers and acquisitions beyond a certain threshold require the approval of the CCI.