India, June 17 -- The Competition Commission of India (CCI) has approved logistics major Delhivery's acquisition of a 99.44% stake in Ecom Express.

"CCI approves acquisition of at least 99.44% of the equity and preference shareholding (on a fully diluted basis) of Ecom Express Limited by Delhivery Limited," the competition watchdog said in a release today.

Delhivery announced the acquisition of Ecom Express for $165 Mn(about INR 1,407 Cr) in a distress sale in April.

Delhivery said that the acquisition will help it boost operations and invest more effectively in improving service quality through network expansion and network quality improvements.

(The story will be updated soon)

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