Alibaba Group Holdings Ltd. receives an approval by CCI for buying shares of 4.14 percent in Snapdeal. The giant e-commerce organization is expanding to Europe
The Chinese E-commerce company has received anti-trust regulator competition commission India’s approval for attaining 4.14 percent share on Snap deal.
Alibaba group, is now buying 4.14 percent stocks in Snap deal, which is a highly profitable company and recently has been getting huge amount of funds from different firms. It is one of the leading e-commerce firms of India. Jasper InfoTech owns snap deal. A tweet by a regulator was made regarding this update stating “Acquisition of 4.14 per cent equity share capital of Jasper InfoTech by Alibaba Group”. Back in August an announcement was made Alibaba and Foxconn Technology will invest around $500 million in Snap deal, which actually began as a coupon firm when it founded in February 2010 and now has emerged into India’s major e-tailers, reports by economic times claim.
In other news related to the giant e-commerce organization, is aiming to grow as internationally as possible. Dispatch time reports, of the company’s plans on expanding in Europe, Asia as well as open offices in France and Germany the next month. This help the company attract international investors which will contribute in the growth of Alibaba stocks. Earlier report were made about China economy falling the next year and since Alibaba is china-based company expansions have to be taken into consideration. The mobile commerce giant reported sales of $9.3 billion last year in November through its Alipay mobile and online payments services. International customers from 217 countries placed orders of approximately $278 million in just a day. Since there is so much of global demand of a vast variety of products the company is keeping in mind what their customers desire and is already taking steps on achieving those demand by partnering with many internationals brands such as L’Oreal and Apple Inc… They have also approached Macy Inc. and have formed a joint venture with Macy’s. The company has made expansions its major business strategy in the next coming years. Offices in European countries will make a huge impact on attracting investors. This will make the company’s stock level rise and shareholders shall be happy about the expansion as well as other steps the company is taking towards success. The company is also looking forward to China’s Singles day where orders come rushing in as customers make shopping an excuse. This made the company attain a huge amount of profit last years due to their attractive packages and sales. Baba stock price closing on the 16th of October was $72.01