BAC Acquisition (BACQ), founded by Flipkart‘s co-founder Sachin Bansal, is reportedly, all set to acquire Essel Mutual Funds after the former got approval from Competition Commission of India (CCI) on October 7, cited Inc42.
The development came to light after CCI’s official twitter handle said that the acquisition has been accorded the first ‘green channel’ approval.
While, Green Channel approval is a mechanism set up by CCI in August this year, to facilitate faster approvals in certain categories of mergers and acquisitions.
By this acquisition, Flipkart co-founder’s BACQ has officially ventured in the fintech sector.
BACQ’s objective is to acquire, maintain, develop, and make available information-technology-driven products for providing services of every kind including, commercial, data processing, data entry, customer relationship management, communication, data analysis, social, gaming, design, cloud computing or other services.