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Competition Commission of India (CCI) on Wednesday said it has approved the acquisition of 7.8 per cent minority stake in Aditya Birla Fashion by Flipkart Investments Private Ltd (FIPL).

Aditya Birla Fashion had in October last year approved plans to raise Rs 1,500 crore by issuing a 7.8 per cent stake on a preferential basis to Walmart-owned Flipkart Group, according to a PTI report.

“Commission approves acquisition of a 7.8 per cent minority stake in Aditya Birla Fashion and Retail Ltd by Flipkart Investments Private Ltd,” the regulator said in a tweet.

With this infusion, Flipkart Group will own a 7.8 per cent equity stake in ABFRL on a fully diluted basis. The promoter and promoter group companies of ABFRL will hold about 55.13 per cent upon completion of the issuance, ABFRL said in a regulatory filing earlier.

Aditya Birla Fashion and Retail Ltd (ABFRL) is engaged in the business of manufacturing and retailing branded apparels, footwear and accessories, through its retail stores, multi-brand outlets, departmental stores, online retail platforms and e-commerce marketplaces, across India.

FIPL is a wholly-owned subsidiary of Flipkart Private Limited (FPL), and FPL belongs to Walmart Group.

Walmart Group undertakes various business activities in India, such as wholesale trading of products, providing e-commerce marketplace services, and digital payments services.

Separately, the fair trade regulator cleared Ares SSG Capital Management (Singapore) acquisition in Altico Capital India.

“Commission approves acquisition of Altico Capital India by Ares SSG Capital Management (Singapore),” it said in a tweet.

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Which skill sets in fashion will have maximum demand/ generate maximum employment Indian manpower in the future?

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The shirt market has witnessed diversification in terms of colour and fabrics too. Retailers today provide the customer with a wide range of choices in colours, styles and patterns. Cotton/ cotton blends shirting is expected to grow faster than overall shirting market due to growing preference of cotton amongst consumers due to higher comfort and quality factors. At the same time, new fabrics such as linen have also witnessed demand in the recent years.

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“It has never been a more exciting time than now to experiment with maternity fashion wear with so many women looking for fashionable attires even during pregnancy. Currently, the maternity wear industry is estimated at Rs 2,000 crore and the segment is growing around 15-17 percent year-on-year. We are looking to hone in on this opportunity and grow our brand in a big way,” says Rajat Kapoor, Master Franchisee & India Head.

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Innovation for us is the essence of change, where we bridge the gap between the consumers and the industry, with best ideas possible. We have always strived to come up with creations that would add a shade of innovation to our patron’s lives. It is essential to marry the idea of innovation with age old traditions, in order to create a bracing impact. Starting from the knit to the shade, we try to emulate the pulse of the current times.

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