Correct Answer : Option (A) - CarTrade Tech Ltd
Mumbai-based used cars platform CarTrade Tech Ltd on Monday (10th July 2023) said it will acquire online marketplace OLX India's auto sales business for Rs 537 crore.
* In a stock exchange filing on Monday (10th July 2023), CarTrade said that it will acquire 100% stake in Sobek Auto India Pvt Ltd, the entity that houses OLX India’s automotive business, in an all-cash deal, and the acquisition will likely to be completed in 21-30 days.
* On Monday (10th July 2023), Cartrade's scrip on BSE closed 1.8% lower at Rs 486.3.
* Sobek is a company incorporated under the Companies Act, 2013. It is engaged in the business of running an automotive digital platform and a classifieds internet business.
* On June 30, 2023, Sobek has acquired the classifieds internet business from OLX India Private Limited on the terms and conditions agreed under a business transfer agreement.
* Last month (June 2023), Prosus-owned OLX has shut down its automotive business unit OLX Autos in a few regions, including Argentina, Mexico and has also laid off 800 employees.
* Earlier this year, OLX announced that they will lay off 15 per cent of their workforce. This amounts to 1,500 employees globally in 2023 as a part of the restructuring. They attributed the move to poor macroeconomic conditions..
Source : Business Today
Published On : July 11, 2023
Category : Business and Economics
