The proposed acquisition of BillDesk by PayU was approved by India's antitrust watchdog more than a year after the two firms announced their merger plan.
The deal that will allow Prosus to assume a clear lead in the payments processing segment in India has been approved by the Competition Commission of India.
People familiar with the matter said that the watchdog extensively evaluated the scope of the deal, which was announced in August last year.
The two firms were told to submit a new application in April. PayU told the watchdog that the proposed transaction wouldn't have an adverse effect on competition.
Payments transactions in India are processed by PayU and BillDesk. They will assume a clear lead in the Indian market, but it will be a worry for any regulators.
PayU India and BillDesk will be able to meet the changing payments needs of digital consumers, merchants and Government enterprises in India and offer state-of-the-art technology to even more of the excluded sections of society.
PayU and BillDesk are competing with other payment methods.
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