CCI seeks public comments on proposed Schneider-L&T deal

The CCI Thursday sought public views on proposed acquisition of L&T's electrical and automation business by Schneider Electric and MacRitchie Investments, after finding that the deal may adversely impact competition.

Besides, the competition watchdog has asked the "acquirers (Schneider Electric and MacRitchie Investments) to publish details of the combination for bringing the same to the knowledge and information of public and persons affected or likely to be affected by such acquisition," as per a CCI release.

MacRitchie is a Singapore-based investment holding firm and an subsidiary of Temasek Holdings.

The proposed combination excludes the marine business unit and Servowatch Ltd, which are also part of Larsen & Toubro's (L&T's) electrical and automation' business, the release added.

Under the Competition Act, the regulator can seek public comments on mergers and acquisitions wherein it has a prima-facie opinion that such a deal could adversely affect competition in the relevant market.

The commission is not likely to consider unsubstantiated objections, the release added.

On July 16, the Competition Commission of India (CCI) received notice from the acquirers in relation to the proposed acquisition.

In May, L&T had inked a definitive pact with Schneider Electric to sell its electrical and automation business for an all-cash consideration of Rs 14,000 crore, as part of its long-term strategy to exit non-core activities.