CCI approves 26% stake-buy in ONGC Tripura Power Company by GAIL

Fair trade regulator CCI on Thursday gave its nod for acquisition of 26 per cent equity stake in ONGC Tripura Power Company by GAIL (India).

The stake is being acquired from IL&FS group companies IL&FS Energy Development Company Ltd and IL&FS Financial Services Ltd.

GAIL had participated in an open bidding process and had emerged as the highest bidder pursuant to the expression of interest issued for acquiring 26 per cent stake held by the IL&FS Group in ONGC Tripura Power Corporation Ltd, as per a combination notice.

"Commission approves acquisition of 26 per cent equity stake in ONGC Tripura Power Company by GAIL (India)," the Competition Commission of India (CCI) said in a tweet.

The combined value of assets and turnover of GAIL India and ONGC Tripura for the financial year ending March 2020 are Rs 71,959.84 crore and Rs 73,408.82 crore, the combination notice added.

Separately, CCI said the "Commission approves acquisition of Inflow Technologies by Savex Technologies."

Savex Technologies Pvt Ltd and Inflow Technologies Pvt Ltd have entered into definitive agreements for the acquisition of all the shares of inflow in multiple tranches, according to a combination notice.

Post the completion of the tranches, Savex will acquire 100 per cent of the equity shares of Inflow, it added.

"The proposed transaction will allow the Parties to deliver higher value to their existing clientele and better penetrate the various product segments in which the Parties operate," the notice further said.

Both the entities are engaged in distribution of information and communication technologies products.