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CCI approved Google's proposed acquisition of 1.28% in Airtel

The Competition Commission of India (CCI) approved Google's proposed acquisition of a 1.28% in telecom major Bharti Airtel on Thursday (June 30).

"The acquirer (Google) and the target (Airtel) have executed an investment agreement (IA) under which the acquirer proposes to acquire a minority and non-controlling stake of 1.28% of the target's equity share capital...The commission approved the proposed combination based on the modifications offered by the acquirer," the CCI said in a statement.  Along with the investment agreement, both companies have entered into commercial agreements through their affiliates. It was also stated that the parties intend to enter into certain other commercial arrangements in the future.

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