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PNB to invest in Open Network for digital commerce
November 30, 2021
State-owned Punjab National Bank (PNB) said it will invest in Open Network for Digital Commerce as a promoter entity by picking up over 9% stake in the organization, which is yet to be incorporated.
Open Network for Digital Commerce (ONDC) Ltd is being set up in an order to develop an open organization for digital commerce, PNB said in a regulatory filing.
The Delhi-headquartered moneylender said its participation in ONDC is 9.5% equity capital in the organization, or ₹25 crore, whichever is lower.
“Such investment will be made in at least one or more tranches. The timeline for making the venture is yet to be finalized,” it said.
As the acquisition of shareholding is under 10%, regulatory approval isn’t needed, it added. India is working on setting up an ONDC infrastructure that facilitates e-commerce by providing equal opportunities to all marketplace players.
In such a platform, the buyer can sell on a platform without being registered around there and vice versa.
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